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ARTICLE · 18 MARCH 2024

AKP Banking & Finance Digest- March 11, 2024

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The Reserve Bank of India ("RBI") has issued directives under the Payment and Settlement Systems Act, 2007 to address concerns about restrictions on customer choice...

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Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI directs flexibility in credit card network choices for customers

The Reserve Bank of India ("RBI") has issued directives under the Payment and Settlement Systems Act, 2007 to address concerns about restrictions on customer choice in credit card networks. Card issuers, whether banks or non-banks are now prohibited from entering into agreements that limit them from using services from multiple card networks. Additionally, card issuers must offer eligible customers the option to choose from various card networks when obtaining a credit card. These directives apply to existing agreements upon renewal or amendment and to new agreements. The rules do not apply to credit card issuers with fewer than 10 lakh (ten lakh) active cards, and issuers using their own authorized card networks are exempted. The specified directives will be effective six months from the date of this circular. RBI

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