Arrangements with Card Networks for issue of Credit Cards - આરબીઆઈ - Reserve Bank of India
Arrangements with Card Networks for issue of Credit Cards
RBI/2023-24/131 CO.DPSS.POLC.No. S1133 / 02-14-003 / 2023-24 March 05, 2024 The Chairman / Managing Director / Chief Executive Officer
Arrangements with Card Networks for issue of Credit Cards The authorised card networks tie-up with banks / non-banks for issuance of credit cards. The choice of network for a card issued to a customer is decided by the card issuer (bank / non-bank) and is linked to the arrangements that the card issuers have with card networks in terms of their bilateral agreements. 2. On a review, it is observed that some arrangements existing between card networks and card issuers are not conducive to the availability of choice for customers. 3. In exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), the RBI being satisfied that it is necessary and expedient, in the interest of payment system and public interest, to do so, hereby, directs as under:
For the purpose of these directions, the following definitions are used:
4. Card issuers and card networks shall ensure adherence to the above requirements in:
5. The directions at 3(b) above shall not be applicable to credit card issuers with number of active cards issued by them being 10 lakh or less in number. 6. Card issuers who issue credit cards on their own authorised card network are excluded from the applicability of the circular. 7. The directions at para 3(b) above shall be effective six months from the date of this circular.
Yours faithfully, (Gunveer Singh) |