OneCard May Finally Restart Card Issuance After RBI Orders a Unified Audit

Key Takeaways 
 

• The RBI has appointed an independent audit firm to review OneCard's data-sharing and partnership framework. The audit may take 3 to 6 months. A positive outcome could allow OneCard to restart new credit card issuances.

• In December 2025, the RBI asked all partner banks of OneCard to stop issuing new co-branded cards. The reason was concerns over how customer data was being shared between OneCard and its banking partners.

Is OneCard finally on its way back after months of regulatory freeze?

The Reserve Bank of India has appointed an audit firm to review OneCard’s data-sharing and partnership system. The fintech company, run by FPL Technologies, is currently in discussions with the regulator through its partner banks to restart co-branded card issuance. 

Seven partner banks, including Bank of Baroda, CSB Bank, Federal Bank, IDFC FIRST Bank, SBM Bank India, South Indian Bank, and Indian Bank, have also reached out to the RBI for clarity on restarting card issuance. The new applicants will continue to face delays until the audit is completed. This pause has already slowed down OneCard’s customer growth.

What does this mean for millions of card applicants in India?

The RBI audit will check OneCard’s technology systems, data access controls, consent management, and KYC processes. Experts estimate a 3 to 6 month window for review and fixes, based on similar past cases. This directly affects lakhs of Indians who applied for the card or plan to do so.

Here is what changes and what does not:
 

The existing OneCard customers are not impacted. Only new applications are temporarily on hold. Partner banks may resume issuance once the RBI is satisfied with the data-sharing framework. 

Why Experts Believe the RBI Will Keep Tightening the Rules for Fintech Cards?

Raj Khosla, founder and MD of MyMoneyMantra.com, said, “The purpose of this regulatory action is to ensure that these entities adhere to financial standards and ensure that consumer interests are protected.”

The card issuers cannot share card data with outsourcing partners unless it is necessary under the Reserve Bank of India 2025 rules. If data is shared, clear customer consent is required. Storage and ownership of card data must remain with the card issuer. 

Experts say fintech companies must redesign their technology and data systems to meet these rules. A similar case involved Scapia, which restarted co-branded card issuance with Federal Bank after getting RBI approval for an updated structure. 

Many partnerships were later redesigned to follow the updated rules. This shows that compliance and redesign, not shutdown, is the likely way forward for OneCard as well.

Conclusion 

OneCard’s restart depends on the Reserve Bank of India audit. FPL Technologies, backed by investors like Temasek, QED Investors, and Peak XV Partners, reported ₹1,878 crore revenue in FY25, growing 32% year on year, which shows its business is still strong.

A clean audit will help it grow again. The wait may continue for a few months. But like Scapia, a compliant comeback looks likely for many users.