March 20, 2025 10:22 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Donald Trump will back Volodymyr Zelenskyy get more air defence from Europe: White House | Punjab Police detain farmer leaders in Mohali, cops remove protesters from Shambhu border | Meerut Merchant navy officer murder: Wife convinced boyfriend to commit crime with Snapchat texts posing as his dead mother | 'Welcome back, the Earth missed you': PM Modi to Sunita Williams on her return from Space | India has a PM who can hug both Putin and Zelenskyy and be accepted: Shashi Tharoor lauds Modi's foreign policy | Sunita Williams, Butch Wilmore return to Earth after remaining stuck in space for 286 days | Donald Trump, Vladimir Putin discuss ways to end Ukraine war in a two-hour call | 'The controversial ruler died 300 years ago': Uddhav Thackeray questions row over Aurangzeb's tomb | Maha Kumbh showed unity in diversity: PM Modi in Parliament | Think twice before travelling outside US: Indians with H-1B, F-1 visas, green cards warned by immigration attorneys
Card issue
Image: Pixabay

RBI issues circular on issuance of debit card, credit card and prepaid cards

| @indiablooms | Jul 06, 2023, at 05:55 am

Mumbai: The Reserve Bank of India (RBI) released a draft circular in connection with the issuance of debit, credit, and prepaid cards on Tuesday.

The circular focuses on the arrangements between card issuers and card networks for the issuance of such cards.

According to the circular, the RBI said that card issuers should offer cards that are compatible with multiple card networks.

Furthermore, customers should be provided with the flexibility to choose their preferred card network from the available options.

This initiative aims to enhance competition and provide greater choices to customers in the card payment ecosystem.

The RBI's draft circular highlights that the current arrangements between card networks and card issuers, including banks and non-banks, are not favourable for customers.

To address this, the central bank emphasises that card issuers should refrain from entering into any agreements or arrangements with card networks that restrict them from using the services of other card networks.

Further, the RBI states that both card issuers and card networks must ensure compliance with existing agreements during the process of amendment or renewal.

This provision aims to ensure transparency and fair practices in the relationships between card issuers and card networks, benefiting the customers and promoting healthy competition in the market.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu