RBI issues directions on issuance of debit, credit cards
T
he Reserve Bank of India on Wednesday issued a draft circular on issuance of debit, credit, and prepaid cards, directing that card issuers shall issue cards across more than one card network and also give an option to customers to choose from any one among the multiple card networks.
In the circular on arrangements with card networks for the issue of debit, credit and prepaid cards, the central bank said that the existing arrangements between card networks and card issuers i.e. banks and non-banks, are not conducive for customers.
In addition to this, the RBI said that card issuers should not enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks.
✔️ RBI issues directions on issuance of debit, credit cards
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