{"id":7566,"date":"2024-03-06T12:42:02","date_gmt":"2024-03-06T12:42:02","guid":{"rendered":"https:\/\/financeintellect.com\/home-page\/home\/?p=7566"},"modified":"2024-03-06T12:42:04","modified_gmt":"2024-03-06T12:42:04","slug":"rbi-directives-on-credit-cards-bring-relief-to-customers","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/rbi-directives-on-credit-cards-bring-relief-to-customers\/","title":{"rendered":"RBI directives on credit cards bring relief to customers"},"content":{"rendered":"\n

Customers can heave a sigh of relief as the Reserve Bank of India RBI<\/a> today issued directives aimed at ensuring greater choice and flexibility in the issuance of credit cards by card networks.<\/p>\n\n\n\n

As is the practice, authorized card networks collaborate with banks and non-bank entities for the issuance of credit cards. The decision regarding which network is used for a customer\u2019s card is made by the card issuer, whether it is a bank or a non-bank institution, and is influenced by the agreements between the issuers and the credit card networks.<\/p>\n\n\n\n

Upon review, the RBI noted that certain agreements between card networks and issuers were limiting customers\u2019 options.<\/p>\n\n\n\n

In the light of this, exercising its powers under the Payment and Settlement Systems Act, 2007, the RBI has directed (a) card issuers shall not enter into any arrangement or agreement with card networks that restrain them from availing the services of another card networks and (b) card issuers shall provide an option to their eligible customers to chose from multiple card networks at the time of issue.<\/p>\n\n\n\n

For the existing cardholders, this option may be provided at the time of next renewal.<\/p>\n\n\n\n

The Directive defines authorized card networks as American Express Banking Corp<\/a>, Diners Club International Ltd<\/a>, Mastercard Asia\/Pacific Pet. Ltd<\/a>, National Payments Corporation of India<\/a> \u2014 Rupay<\/a>, and Visa Worldwide Pte. Ltd.<\/a><\/p>\n\n\n\n

The RBI has asked both card issuers and networks to adhere to these requirements in the existing agreements, upon amendment or renewal as well as in the new agreements. However, the directives does not apply to the credit card issuers with fewer than 10 lakh active cards.<\/p>\n\n\n\n

Also, issuers who issue credit cards on their own authorized card network are exempt from the circular\u2019s applicability.<\/p>\n\n\n\n

Furthermore, RBI said, the directive regarding customer choice at the time of issuance will come into effect six months from March 6, 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

Customers can heave a sigh of relief as the Reserve Bank of India RBI today issued directives aimed at ensuring greater choice and flexibility in the issuance of credit cards by card networks. As is the practice, authorized card networks collaborate with banks and non-bank entities for the issuance of credit cards. The decision regarding […]<\/p>\n","protected":false},"author":3,"featured_media":7567,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,6,5,31],"tags":[1269,663,4659,3834,2647,239,296,805,2260],"class_list":["post-7566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-and-politics","category-opinion-makers","category-markets","category-news","tag-american-express","tag-credit-cards","tag-diners-club-international-limited","tag-mastercard","tag-npcis-bharat-bill-payment-system","tag-rbi","tag-reserve-bank-of-india","tag-rupay-card","tag-visa-cards"],"aioseo_notices":[],"yoast_head":"\nRBI directives on credit cards bring relief to customers - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/rbi-directives-on-credit-cards-bring-relief-to-customers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI directives on credit cards bring relief to customers - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Customers can heave a sigh of relief as the Reserve Bank of India RBI today issued directives aimed at ensuring greater choice and flexibility in the issuance of credit cards by card networks. 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