Apr 29, 2024

RBI Provides Instructions for Card Issuers and Card Networks

The RBI has, by way of its Circular dated March 6, 2024 (effective from six months from the date of the circular), issued the following directions in relation to issuance of credit cards: (i) card issuers are restricted from entering into any arrangement or agreement with card networks that will restrain them from availing the services of other card networks; (ii) card issuers with more than 10 lakh active cards are required to provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal. Card issuers who issue credit cards on their own authorized card networks are exempted from the Circular’s applicability.




These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.