India, Dec. 6 -- In what is a major setback for fintech unicorn OneCard, the Reserve Bank of India (RBI) has reportedly asked all its partner banks to stop issuing co-branded credit cards with the startup.

According to an ET report, the RBI sent letters to every partner bank, asking them to pause new OneCard issuances until the company addresses certain concerns. The regulator is said to be looking for more clarity on how data is shared between OneCard and its banking partners.

Inc42 has reached out to OneCard for comments on the development, the story will be updated based on responses.

Important to mention that OneCard works with several banks, including BOB Cards, SBM India, Federal Bank, CSB Bank, South Indian Bank and Indian Bank....