RBI on card network choose guidelines.
The Reserve Bank of India RBI has proposed to offer you an option to choose the network provider for your debit card or credit card or prepaid card. At present, when you apply for a debit or credit card, you usually don't get to choose the network provider as it is decided by the card issuer.
RBI seeks to give customers choice of card network.
The Reserve Bank Wednesday asked banks and non-bank financial company (NBFCs) to issue credit, debit and prepaid cards on multiple networks to give customers the freedom to choose. The changes will be effective October 1.
What is going to change?
Starting from October 1, 2023, the regulator wants the bank to offer cards on multiple networks and give customers the option to select their preferred card network. "Card issuers shall provide an option to their eligible customers to choose any one among the multiple card networks. This option may be exercised by customers either at the time of issue or at any subsequent time," the draft proposal mentioned..
