On July 5, the RBI released a draft circular on debit, credit, and prepaid card issuing.
In the circular on agreements with card networks for debit, credit, and prepaid card issuance, the central bank stated that card issuers must issue cards across several card networks and let customers to choose.
The present agreements between card networks and card issuers, including banks and non-banks, were also cited as being unfavorable to customers.
The central bank advised card issuers to avoid agreements with card networks that prevent them from using other networks’ services.
Conclusion:
Debit, credit, and prepaid card issuing was drafted by the RBI on July 5. The circular stressed the need of card issuers issuing cards across different networks and providing users with alternatives.. It criticized unfavorable agreements between card networks and issuers and advised card issuers to avoid using rival network services. The circular also urged card issuers to avoid agreements that prevent them from using rival services.
 released a draft circular on issuing debit, credit, and prepaid cards on July 5. The circular criticized ....){kind=link}