Begin typing your search above and press return to search.
Schools breeding hatred
access_time 14 Sep 2023 10:37 AM GMT
access_time 16 Aug 2023 5:46 AM GMT
May that spark not be extinguished
access_time 2 Dec 2023 8:55 AM GMT
A Constitution always in the making
access_time 27 Nov 2023 11:43 AM GMT
Debunking myth of Israel’s existence
access_time 23 Oct 2023 7:01 AM GMT
Homechevron_rightIndiachevron_rightIssuance of debit,...

Issuance of debit, credit cards: RBI issues directions

Issuance of debit, credit cards: RBI issues directions

New Delhi: The Reserve Bank of India (RBI) issued a draft circular on the issuance of debit, credit, and prepaid cards on Wednesday.

The circular directs 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.

On arrangements with card networks for the issue of debit, credit, and prepaid cards, the circular stated 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.

It added that card issuers and card networks shall ensure that they follow the existing agreements at the time of amendment or renewal.

The central bank has also invited comments on the draft circular by August 4.

With inputs from IANS

Show Full Article
TAGS:debit cardReserve Bank of Indiacredit cardsRBI circular
Next Story