RBI New Rules 2024: The names of card network companies are included in the credit card or debit card. Often we ignore the name. Let us tell you that from today the rules of card network are going to change. Now customers can select the card network as per their wish. The Reserve Bank of India had issued a circular related to this rule in March itself.
If you look carefully at your debit card or credit card, you will find Visa, Mastercard, RuPay etc. written on it. Many people ignore these. They think that these are of no use to them, while this is not the case at all.
Actually, all these are card networks. Just like there is a network of SIM cards in a mobile, there is also a network of credit or debit cards. These cards are issued by the card network company only. Till now, it was decided by the bank which card network the customer will get. Now this will not happen. From today, new rules of card network have been issued.
Also Read- Credit Card New Rule: These rules of HDFC Bank credit card will change from August
Card Network New Rule
The Reserve Bank of India (RBI) issued a circular regarding card network in March. According to this circular, now before issuing any type of card, the bank or non-bank i.e. NBFC will ask the customer which card network he wants to select. This means that the customer can choose the card network as per his wish.
How many options of card network are available
Currently there are 5 options of card network available in the market. The customer has to select any option from Visa, Master Card, Rupay, American Express and Diner Club. Experts gave their reaction on this decision of RBI. He said that if the customer selects the card network as per his choice, then it will prove beneficial for them.
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