GulfHindi English Desk: In a move to provide more options to customers, the Reserve Bank of India (RBI) has proposed that banks and non-banking financial institutions should offer their customers the choice to select their preferred card network for debit and credit card transactions. Currently, customers do not have the option to choose their card network and are issued either a RuPay, Visa, or Mastercard based on the bank’s discretion.
With the new proposal, customers will be able to choose between RuPay, Visa, or Mastercard based on their preferences and needs. This will allow them to enjoy benefits such as lower interest rates, more rewards points, and other advantages offered by different card networks. The RBI has requested feedback on the proposal until August 4th.
Currently, the authorized card networks in India include American Express Banking Corp, Diners Club International, Mastercard Asia/Pacific Pte Ltd, National Payments Corporation of India-RuPay, and Visa Worldwide Limited. With the proposed change, customers will have the freedom to select the most suitable card network for their transactions.
This move by the RBI aims to enhance customer satisfaction by providing them with more choices and flexibility in their banking experience.
en.gulfhindi.com News Summary
👉The Reserve Bank of India (RBI) is proposing to give customers the option to choose their preferred card network for debit and credit cards.
👉Currently, customers receive either a Visa or Mastercard when opening a bank account or after maintaining an account for a long period of time.
👉The RBI is suggesting that banks and non-banking institutions issuing cards should provide their customers with the choice of selecting a card network.
👉Customers will be able to choose between RuPay, Visa, or Mastercard based on their preferences.
👉The existing system issues authorized payment network cards such as RuPay, Visa, or Mastercard.
👉Customers do not have the option to choose a card themselves.
👉According to the RBI’s circular, card issuers will be able to offer their eligible customers the option to choose one card network from various networks.
👉The new rules will provide customers with the opportunity to benefit from favorable interest rates, more rewards points, and other advantages.
👉The authorized card networks in India include American Express Banking Corp, Diners Club International, Mastercard Asia/Pacific Pte Ltd, National Payments Corporation of India 👉RuPay, and Visa Worldwide Limited.
👉The RBI has invited comments on the proposed changes until August 4th.
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