RBI’s draft norms allow customers to switch card networks
The Reserve Bank of India (RBI) on Wednesday issued a draft circular on the 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.
It further added that card issuers and card networks shall ensure that they would 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]
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