Soon the customer will get the option to choose the card network. | RBI | Jagran Business

Customers will soon be able to decide according to their choice whether to get RuPay card or Visa or Master card. The Reserve Bank of India (RBI) has proposed that card issuing banks and non-banking entities should give their customers the option to choose the card network. Authorized card networks tie up with banks and non-banking entities to issue debit, credit or prepaid cards.

Presently, the choice of affiliate network for the card issued to a customer is made by the card issuer. It is based on a bilateral arrangement with the card issuer and the card network. According to the notification RBI circular released on Wednesday, card issuers will be prohibited from entering into any arrangement or arrangement with card networks that prevents them from availing the services of other card networks.

Further, it states that the card issuer does not have to be dependent on a single card network. They should issue more than one card network based card.