RBI Directs Card Issuers to Provide Multiple Network Options
The Reserve Bank of India (RBI) has directed banks and non-bank lenders to provide customers with the option to choose from multiple card networks (such as Visa, MasterCard, American Express, etc.) at the time of issuing or renewing debit, credit, and prepaid cards. This directive aims to enhance customer choice and promote competition among card networks. Exemptions apply to issuers with their own networks or those with fewer than 10 lakh active cards. The policy is set to take effect from September 6, 2024, and was announced after the RBI sought feedback from stakeholders in July 2023.
