Increased Card Network Choices for Credit Card Customers
The Reserve Bank of India (“RBI”) vide its notification dated March 6, 2024 (“Circular”), has directed the card issuers to provide an option to its customers to choose their preferred card network for credit cards. Further, RBI has restricted the card issuers (banks and non-banks) from entering into arrangements with card networks where they are restrained from availing services from other card networks. It is to be noted that card issuers who issue credit cards on their own authorized card networks are exempted under this circular. Further, the requirement to provide option to the customers to choose the preferred card network will not be applicable to credit card issuers with number of active cards being ten (10) lakh or less. The Circular shall be effective from 6 (six) months from the date of the Circular i.e., March 6, 2024.
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