News > Credit card rule change: You can soon choose from multiple card networks

Credit card rule change: You can soon choose from multiple card networks

The Reserve Bank of India (RBI) has directed card issuers, including banks, from signing exclusive contracts with card networks that ‘restrain’ them from using other networks. “Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal,” RBI instructed.