RBI mandates credit card issuers to allow customers choice of multiple card networks.
The Reserve Bank of India (RBI) has instructed credit card issuers, including banks and non-banks, to not enter into any agreements with card networks that restrict customers' access to other card networks. The RBI has mandated that issuers must provide an option for eligible customers to choose from multiple card networks at the time of card issue. Existing cardholders will be offered this option at their next renewal. The directives aim to enhance consumer choice and promote competition in the credit card industry.
March 06, 2024
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