Brief by Shorts91 Newsdesk / 07:00am on 06 Mar 2024,Wednesday India
The Reserve Bank of India (RBI) has directed credit card issuers to allow customers the option to choose from multiple card networks. This move aims to enhance flexibility and choice for consumers. RBI prohibits issuers from agreements limiting their access to other networks. Authorized networks include American Express, Diners Club, MasterCard, RuPay, and Visa. However, the directive exempts issuers with fewer than 10 lakh active cards. The new guidelines, effective in six months, seek to ensure a fair and competitive credit card market, promoting consumer empowerment and industry growth.
