The Reserve Bank of India (RBI) on Wednesday asked banks and non-banking financial companies (NBFCs) to provide customers with the option to choose from multiple networks for credit cards.
The RBI has prohibited card issuers and networks from making any arrangement or agreement that restrains customers from availing the services of other card networks.
"Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue," the RBI said. For existing cardholders, this option may be provided at the time of renewal.
The regulator's directive will be effective six months from now, that is, from September 6.
The RBI authorised card networks are American Express Banking Corp, Diners Club International Ltd, MasterCard Asia/ Pacific Pte Ltd, National Payments Corporation of India (NPCI)-Rupay, and Worldwide Visa Pte Limited.
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