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| RBI directs card issuers to offer choice among card networks, bans restrictive agreements | | | Agencies
NEW DELHI, Mar 6: The Reserve Bank of India (RBI) has issued a directive aimed at enhancing consumer choice and competition in the credit card market.
In a circular released on Wednesday, the RBI mandated that card issuers must provide their eligible customers with the option to choose from multiple card networks at the time of issuance or renewal.
According to a press release, the central bank prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other card networks. The directive addresses concerns raised about restrictive practices prevalent in the credit card industry. The RBI identified arrangements between card issuers and card networks that limit customer choice as detrimental to the availability of options in the market.
By taking decisive steps to promote consumer choice and fair competition, the RBI aims to foster a more dynamic and inclusive financial ecosystem.
Key highlights of the RBI directive include the requirement for card issuers to offer eligible customers the choice of selecting from multiple card networks at the time of issuance or renewal of credit cards.
This provision seeks to empower consumers by providing them with greater flexibility and control over their financial products.
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