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New RBI Rule - Get Credit Card on Any Card Network of Your Choice

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Finance Mentor
beastboy

New RBI New Card Network Rule: 🔥🔥🔥

1. Banks have to issue cards with multiple card networks (VISA/Mastercard/Rupay/Amex etc).

2. Customer has the right to choose their own card network at the time of opting new card or anytime later during the card membership.

3. Banks cannot deny customer request.

4. Rule applies from 1st October 2023.

Enjoy! ❤️

Source 👉 https://www.rbi.org.in/Scripts/bs_viewcontent.a...

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73 Comments  |  
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Dimer of The Year 2022 Dimer of The Year 2022
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Le RBI: kyu, hila daala na :meme: :rajni:

Benevolent Benevolent
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* if that card is available on that network.
Helpful Helpful
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Desperate attempt to promote rupay, I do agree this is good for customers

Deal Newbie Deal Newbie
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Whats wrong in supporting rupay, moreover u are not forced to use rupay.. One can choose out of available options. Duopoly is not good.

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Deal Cadet Deal Cadet
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Trans - shove rupay more

Deal Cadet Deal Cadet
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Does it mean I can take almost all sbi cards on rupay?

The PostMighty The PostMighty
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Wow

Pro Entertainer Pro Entertainer
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Rupay lover must be having loads and loads of...  after hearing this news and preparing a full 800 word long discussion thread already prepared to post🤣🤣

Good thing. Hope banks follow this. And that RUPAY UPI TRICK DOES NOT GET BANNED BEFORE I GET MY RUPAY😤

Finance Mentor Finance Mentor
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Trick is already banned if you mean CC to CC payment...

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Deal Subedar Deal Subedar
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From RBI circular, it mentioned as

3.b. Card issuers shall issue cards across more than one card network

More than one card network means it can be just 2 also. They still have choice and they should issue cards atleast on any 2 networks (for example, Visa and MasterCard are enough). It's not mandatory to issue each card on all 5 networks.

Correct me if I'm wrong.
@beastboy @quantum @akki.akki @P_A_N_K_A_J @sendhil.warrior304
Finance Mentor Finance Mentor
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Correct, minimum 2 choices of network for a particular card offering...
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Benevolent Benevolent
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That's a tremendous move to curb monopoly.Good for customers.😽🙌🏼

Benevolent Benevolent
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Hope Everyone Will Choose Rupay Variant , Next Priority Is Visa... I Think No One Will Care MasterCard Variant confused

Helpful Helpful
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True... Rupay cards will increase alot now... good for India!

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Deal Cadet Deal Cadet
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Some people may see this as promoting/pushing Rupay and a bad thing. 

Any idea how much foreign exchange is lost by countries due to these international/US players charging fee on our vastly domestic(99%?) transactions? Is there any analysis done on this topic? Any credible sources?

Commentator Commentator
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Dealing with banks is more difficult. I visited HDFC and it was so hard for them to understand (or they were acting like it) ..that I am looking for RUPAY powered credit card.. Seems problem is more with Automated Car d creation system... Seems employees of banks have no control on ensuring which POWER to be given for card when it goes for Printing(Manufacturing) .. Let's hope this rule bring some enforcement on   executing what customer demands rather than what machine decides.

Critic Critic
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Excellent. Let's promote our in-house Rupay and overthrow the phoreners Visa, Mastercard. 

Finance Mentor Finance Mentor
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Not so easily babaji, they are the incumbents and deeply rooted...
Deal Cadet Deal Cadet
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Nice!

Deal Cadet Deal Cadet
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After reading this post i m like puneet superstar - yeahhh.... images13

Benevolent Benevolent
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While they are at it, they should mandate all the credit card providers to disclose MCCs before transactions.

Benevolent Benevolent
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+1

this is really needed, I'm fed up with SBI Cashback CC now that there are several exclusions ... flight booking portals have railways MCC. If I would know MCC upfront, I would cancel the transaction and try payment with another CC.
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Helpful Helpful
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Lol this is only gonna affect sbi as others rarely deny doing this.

Deal Cadet Deal Cadet
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Not really. ICICI has denied or giving excuses for rupay card inspite of me being a privilege account holder.
Trailblazer Trailblazer
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Can we do it for existing card also?

Deal Newbie Deal Newbie
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Sbi wala ki watt lag jayegi wo nahi mangega

Deal Cadet Deal Cadet
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How to switch from visa or MasterCard to rupay

Helpful Helpful
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I wonder if we will be able to choose AMEX network.

Benevolent Benevolent
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Bigger question is its acceptance.
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Spearhead Spearhead
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That will be interesting now

Deal Newbie Deal Newbie
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what about Discover (Diners)? 

Deal Cadet Deal Cadet
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Nice

Deal Subedar Deal Subedar
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Hoping that MC/Visa/Rupay will bring more card network specific offers to attract customers to their network.


Good for customers. Isn't it?

Post Tycoon Post Tycoon
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Ye bik chuki hai govt ab government mei kuch nhi raha sweat_smile

Helpful Helpful
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Banks usually launch a credit card in partnership with card network. Most cards have a single card network partner. Eg ICICI Amazon Pay has visa partner only. In some other cases banks launch the same card in partnership with multiple partners like Rupay, Visa like it is for HDFC Tata Neu.

If a bank launches a card with multiple partners, according to this circular, users will be given a chance to choose the network. But if the card is released exclusively then no other version exists so how are you all going to choose?

If for eg ICICI Amazon Pay is only launched in partnership with visa, you're only going to get a visa. If multiple partners are there then you can choose. So overall a useless guideline

Helpful Helpful
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it forces them to not be exclusive.
Generous Generous
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would be usefull for conversion to RUpay plateform like kotak visa to kotak rupay

Shopping Friend Shopping Friend
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I'll convert all my cards to RuPay.

This will promote providers to give more offers to ensure they retain their customers.

replyuser
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