RBI asks banks to allow customers to choose cards from multiple networks
Mumbai, Mar 6 (PTI) Reserve Bank has directed banks to provide their eligible customers with an option to choose from multiple card networks at the time of issuing credit or debit cards, a move which will benefit card users.
The central bank also asked issuers of credit cards not to enter into any arrangement or agreement with card networks that restrain customers from availing the services of other networks.
“On a review, it is observed that some arrangements existing between card networks and card issuers are not conducive to the availability of choice for customers,” the Reserve Bank said in a circular.
