RBI To Let Customers Choose Card Network

Published On: July 06, 2023 - The Reserve Bank of India (RBI) has proposed a draft circular that allows customers to have the freedom to select card networks such as Visa, Mastercard, RuPay, and others for their debit, credit, and prepaid cards. According to the draft circular released on Wednesday, the RBI has directed card issuers to provide customers with the choice to opt for their preferred card networks starting from October 1, 2023. This means that customers will have the flexibility to choose one or more networks during card issuance or even in the future.