RBI issues new guidelines for issuance of credit cards, allow customers to choose from multiple card networks
9 months, 2 weeks ago

RBI issues new guidelines for issuance of credit cards, allow customers to choose from multiple card networks

India TV News  

RBI guidelines: The Reserve Bank of India on Wednesday issued new guidelines aimed at providing more options and flexibility for credit card customers. The central bank said card issuers must allow provide an option to their eligible customers to choose from multiple card networks at the time of issue. “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,” RBI said in a circular. Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. The RBI defined authorised card networks as American Express Banking Corp, Diners Club International Ltd, MasterCard Asia/Pacific Pte Ltd, National Payments Corporation of India–Rupay, and Visa Worldwide Pte Ltd. Card issuers and card networks are mandated to adhere to the new requirements in both existing agreements at the time of amendment or renewal and in fresh agreements executed, the RBI said.

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RBI issues draft guidelines on payment aggregators | Check details
8 months, 1 week ago

RBI issues draft guidelines on payment aggregators | Check details

India TV News  

Aiming to boost the payment ecosystem, The Reserve Bank of India on Tuesday issued draft guidelines to further strengthen regulations on payment aggregators. "Given the growth in digital transactions and the significant role that PAs play in this space, the current directions on PAs are proposed to be updated and cover, inter alia, KYC and due diligence of merchants, operations …

Explained | RBI’s proposal for interoperability of credit and debit cards
1 year, 4 months ago

Explained | RBI’s proposal for interoperability of credit and debit cards

The Hindu  

The story so far: On July 5, apex banking regulator Reserve Bank of India floated a draft circular seeking comments from stakeholders about mandating that card issuers provide their customers with the choice of multiple card networks. The regulator has also proposed that cards be issued across more than one network, with issuers not enteringinto any arrangement or agreement with …

From Oct 1, credit, debit, prepaid card users will be able to port networks
1 year, 5 months ago

From Oct 1, credit, debit, prepaid card users will be able to port networks

India TV News  

Credit-debit card portability: Credit, debit and prepaid card customers in India will have more flexibility in terms of choosing their service operators as they will be able to port their networks from October 1. Credit, debit or prepaid card users will be able to switch or select their preferred card network in a shift from the current practice, the Reserve …

RBI new rules on issue of credit cards, debit cards: All you need to know
2 years, 8 months ago

RBI new rules on issue of credit cards, debit cards: All you need to know

Hindustan Times  

The Reserve Bank of India on Thursday announced new rules for the issue of credit cards and debit cards, as well as directions to issuing agencies. these Directions relating to debit cards shall apply to every bank operating in India." Consent for the issue of cards must be explicit; written consent is needed before a credit card can be issued. …

RBI restricts Mastercard from acquiring new customers from July 22
3 years, 5 months ago

RBI restricts Mastercard from acquiring new customers from July 22

Hindustan Times  

The Reserve Bank of India on Wednesday barred Mastercard Asia Pacific from onboarding new debit, credit, or prepaid card customers from July 22, 2021, for failing to comply with its data storage norms. The central bank said that Mastercard failed to comply with the “directions on Storage of Payment System Data” even after being given “considerable time and adequate opportunities.” …

RBI Bars Mastercard from Acquiring New Customers in India from July 22
3 years, 5 months ago

RBI Bars Mastercard from Acquiring New Customers in India from July 22

News 18  

The Reserve Bank on Wednesday barred Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms. Taking action against Mastercard, RBI said, "notwithstanding lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on …

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months
3 years, 8 months ago

Online automatic transactions will not fail from April 1, RBI extends deadline by 6 months

India Today  

The Reserve Bank of India has now extended the timeline for implementation of new guidelines for automatic payment system by six months. Previous reports had noted that the RBI had refused to grant an extension to banks following which banks started notifying customers about failure in automatic recurring payments from April 1. For transactions above Rs 5000, banks will also …

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