Several banks have sought clarification from the Reserve Bank of India (RBI) regarding guidelines issued on March 6, mandating multiple card network options for credit cards. Effective September 6, 2024, banks must offer customers the choice of networks both at issuance and renewal. Suggestions propose prospective application for new customers while existing ones continue with current networks until renewal, citing concerns over operational disruptions. The RBI aims to prevent exclusive agreements between issuers and networks, ensuring customer flexibility.
RBI Guidelines on Credit Card Networks Aim to Enhance Consumer Choice
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