Policy · Financial Services

OneCard may resume card issuance after RBI audit

By Startup Enthusiast · 25 April 2026

What they do

OneCard issues co-branded credit cards through partner banks

RBI appointed an audit firm to review OneCard's data-sharing and partnership framework after halting new onboarding in December last year

The audit outcome will determine when card issuance can restart, a process that may take three to six months

OneCard may resume credit card issuance after the Reserve Bank of India (RBI) appointed an audit firm for a unified review of its partnership and data-sharing framework.
OneCard is in discussions with RBI through its partner banks to restart co-branded card issuance.
Issuing banks — Bank of Baroda, CSB Bank, Federal Bank, IDFC FIRST Bank, SBM Bank India, South Indian Bank, and Indian Bank — approached RBI for clarity on restarting onboarding and card issuance.
RBI asked partner banks to halt onboarding of new OneCard customers in December 2025 to review data-sharing arrangements.
The audit will assess compliance structures, data-sharing practices, and the partnership framework.
The audit outcome will determine when new card issuance can resume, a process that may take three to six months.
Queries sent to OneCard and partner banks did not elicit a response till publication.
In a similar case, Scapia resumed co-branded card issuance with Federal Bank after regulatory approval in 2025.

RBI asked Federal Bank and South Indian Bank to stop issuing co-branded cards in March 2024, impacting Scapia.
The episode highlights increasing regulatory focus by RBI on partnership structures and data practices, shaping co-branded credit card models.
OneCard's operating revenue was Rs 1,878 crore in FY25, up 32% from Rs 1,425.5 crore in FY24.
OneCard's losses declined 26% to Rs 297.5 crore in FY25.

OneCard issues co-branded credit cards in partnership with multiple banks.
It operates through partner banks including Bank of Baroda, CSB Bank, Federal Bank, IDFC FIRST Bank, SBM Bank India, South Indian Bank, and Indian Bank.
OneCard's operating revenue was Rs 1,878 crore in FY25, up 32% from Rs 1,425.5 crore in FY24.
OneCard's losses declined 26% to Rs 297.5 crore in FY25.
The company has raised over $270 million to date from investors including Peak XV, Z47, QED Investors, and Better Tomorrow Ventures.

The audit outcome will determine when new card issuance can resume, a process that may take three to six months.