Anuncios
U.S. markets close in 6 minutes

  • S&P 500

    5,570.56
    +3.37 (+0.06%)
     

  • Dow Jones

    39,327.57
    -48.30 (-0.12%)
     

  • Nasdaq

    18,395.37
    +42.61 (+0.23%)
     

  • Russell 2000

    2,039.27
    +12.54 (+0.62%)
     

  • Petróleo

    82.22
    -0.94 (-1.13%)
     

  • Oro

    2,366.50
    -31.20 (-1.30%)
     

  • Plata

    31.08
    -0.60 (-1.91%)
     

  • dólar/euro

    1.0828
    -0.0015 (-0.14%)
     

  • Bono a 10 años

    4.2690
    -0.0030 (-0.07%)
     

  • dólar/libra

    1.2810
    -0.0003 (-0.03%)
     

  • yen/dólar

    160.7820
    +0.0630 (+0.04%)
     

  • Bitcoin USD

    56,367.82
    -720.93 (-1.26%)
     

  • CMC Crypto 200

    1,206.82
    +40.70 (+3.49%)
     

  • FTSE 100

    8,193.49
    -10.44 (-0.13%)
     

  • Nikkei 225

    40,780.70
    -131.67 (-0.32%)
     

Reserve Bank of India orders card issuers to allow cardholders to select network

Douglas Blakey
·1  min de lectura
shutterstock

Indian card issuers have been instructed not to enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks. In addition, the central bank has ordered card issuers to give an option to customers to choose from multiple card networks at the time of issue. For existing cardholders, the option may be provided at the time of the next renewal.

The rule change follows a RBI review of existing card arrangements. The RBI said that the current set up is not conducive to the availability of choice for customers.

The RBI directions relate to American Express, Diners Club MasterCard, National Payments Corporation of India–Rupay, and Visa.

Issuers with less than 1 million active credit cards are excluded from the new requirement. In addition, any issuers that while those who issues cards on its own authorised network is also excluded.

PUBLICIDAD

The rule change to offer customers a choice of card networks will become mandatory in six months time.

The central bank has been planning to widen cardholders’ choice of network since last July. According to the RBI, around 99.5 million credit cards are in circulation in India. HDFC ranks first by market share with around 20.1 million credit card customers. State Bank of India ranks second with 18.6 million. ICICI and Axis Bank follow with 16.8 million and 13.7 million respectively.

"Reserve Bank of India orders card issuers to allow cardholders to select network" was originally created and published by Electronic Payments International, a GlobalData owned brand.


 


The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.