March 13, 2025 10:15 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'People are going to Russia right now as we speak: Donald Trump on Ukraine war ceasefire talks | Pakistani army claims to have freed all hostages in passenger train siege; 28 personnel killed | Hyderabad Police arrest 2 women journalists for 'abusive' posts against Revanth Reddy; BRS protests | Pakistan Army secures release of 155 passengers from hijacked Jaffar Express, 27 BLA rebels killed | After Airtel, now Reliance Jio inks deal with SpaceX to bring Starlink internet to India | Muslims in Bengal over 40 percent now, will contest in all seats next year: AIMIM | BJP will throw TMC's Muslim MLAs out of assembly after winning 2026 elections: Suvendu Adhikari | Donald Trump buys new Tesla in support for Elon Musk, says billionaire was treated badly | Hope Putin agrees: Donald Trump after Ukraine concurs to ceasefire with Russia | Ukraine agrees to proposal for a 30-day general ceasefire with Russia, US to resume military aid
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