The Reserve Bank of India (RBI) on July 05, 2023, issued a notification regarding the draft circular on Arrangements with Card Networks for the issue of Debit, Credit, and Prepaid Cards.
The following has been stated namely: -
• The draft circular on Arrangements with Card Networks for the issue of Debit, Credit, and Prepaid Cards for feedback from stakeholders has been issued.
• The draft circular mandates card issuers (banks/non-banks) to issue cards on more than one card-network along with providing customers the facility to choose any one among the multiple card networks.
• Further, it restrains the card issuers from entering into agreements that limit their ability to tie-up with other card-networks.
• Comments/Feedback, if any, may be sent by email, or by post to the Chief General Manager-in-Charge, Department of Payment and Settlement Systems, Central Office, on or before August 04, 2023.
[Press Release: 2023-2024/543]
