Exclusive: OneCard May Restart Issuance as RBI Appoints Firm for Unified Audit

Why It Matters

Regulatory clearance is critical for OneCard to resume growth and for the broader co‑branded credit‑card ecosystem in India, where RBI scrutiny is reshaping partnership models. The outcome will signal how fintech‑bank collaborations can scale under tighter data‑governance rules.

Key Takeaways

• RBI appointed audit firm to review OneCard's partnership framework
• OneCard's revenue rose 32% to ~US$226 million in FY25
• Losses fell 26% to about US$36 million, improving profitability
• Partner banks have petitioned RBI for clearance to resume card onboarding
• Regulatory scrutiny may reshape co‑branded credit‑card models across India

Pulse Analysis

The Reserve Bank of India's decision to commission a unified audit of OneCard underscores a growing regulatory focus on fintech‑bank partnerships. By scrutinizing data‑sharing arrangements and compliance structures, the RBI aims to ensure consumer protection while allowing innovative credit products to flourish. This move follows earlier interventions with similar co‑branded cards, highlighting the central bank's intent to standardise oversight across the sector.

Financially, OneCard has demonstrated resilience despite the regulatory pause. Operating revenue surged 32% to roughly US$226 million in FY25, while the loss margin narrowed by 26% to about US$36 million, reflecting improved cost management and higher card uptake. The firm’s capital base, bolstered by more than US$270 million in venture funding, positions it to weather the audit period and invest in technology upgrades once clearance is granted.

The broader implication for India's fintech landscape is significant. A favorable audit outcome could set a precedent for other co‑branded card issuers, encouraging banks to partner with fintechs under clearer compliance frameworks. Conversely, stricter findings may prompt a re‑evaluation of data‑sharing practices, potentially leading to more transparent, consumer‑centric credit products. Stakeholders—from investors to partner banks—are watching closely, as the RBI's stance will likely shape the evolution of digital credit services across the country.