New Delhi, July 6: The Reserve Bank of India (RBI) on Wednesday issued a draft circular on issuance of debit, credit, and prepaid cards, directing that card issuers shall issue cards across more than one card network and also give an option to customers to choose from any one among the multiple card networks.
In the circular on arrangements with card networks for the issue of debit, credit and prepaid cards, the central bank said that the existing arrangements between card networks and card issuers i.e. banks and non-banks, are not conducive for customers.