RBI Directs Multiple Card Networks for Credit Cards

• 08 Mar 2024

Recently, RBI mandated credit card issuers to offer customers choices among card networks.

Key Points

• New Directions: Banks and non-banks must not restrict customers to single card networks.
• Option for multiple networks to be provided at card issuance.
• Reason for New Guidelines: Review reveals existing arrangements limit customer choice.
• RBI aims to promote availability of options and enhance competition among networks.
• Customer Benefits: Eligible customers empowered to choose preferred card network.
• Impact on Existing Customers: Existing cardholders to get network choice upon card renewal.
• Exclusions and Applicability: New guidelines exclude smaller credit card issuers.