Fintech startup Uni Card announced that it is temporarily suspending card services for its products, the Uni Pay 1/3rd Card and the Uni Pay 1/2 Card. The decision is in response to RBI guidelines prohibiting non-bank prepaid payment instrument (PPI) issuers from loading PPIs with credit lines.
Uni Cards stated that it is “proactively” suspending card services for its customers, which will begin on Friday and be completed by Monday (August 22). According to the startup, Uni Cash is designed to help customers transfer their credit lines directly and instantly to their bank account, and it is also extending a zero-charge partial limit on Uni Cash until September 21.
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