RBI Latest Circular Reserve Bank of India may soon change the rules of credit card and debit. The bank has also sought opinion from the general public for this change. Banks are about to decide on the credit network. For this, the bank has also issued a circular. Let us know which rules the bank is going to change?
The Reserve Bank of India has changed the credit card and debit rules on Wednesday that the Reserve Bank of India has changed the credit card and debit rules on Wednesday. The bank has given this information through a circular. Debit, prepaid card rules can also be changed after the decisions taken by RBI. Regarding this, RBI said that any card should be allowed to be used not for any particular network but for all networks.
RBI issued circular
RBI has issued a circular. In this circular, the bank said that credit card, debit card, prepaid card should be used for all networks. The bank has also sought public opinion for this.
Why did RBI take this decision?
You can make payments at any merchant using the card comfortably. The card network facilitates transactions between the merchant and the cardholder. The card network provides a kind of infrastructure. The card network also charges fees for this.
Talking about card network companies, the four main credit card networks are MasterCard, Visa, American Express , and Discover. Two of these are also corporate card issuers. This is Amex and Discover.
Whenever you make a payment with a card, it is decided by the card network that where the payment can be made by credit card. If you ever see the facilities of two different credit cards , then you will find that the facility which is available on one card is not available on the other card.
Not every merchant or shopkeeper is able to accept all types of card payments. You can understand this in such a way that Visa card does not work in many places and Master card does not work in some places. Because of this, the central bank is going to bring these rules regarding credit card payment.
Promotion of Rupay Card
If the rules regarding credit card or debit card will be changed, then its most positive effect will be seen on Rupay card. It is believed that the Reserve Bank of India is bringing this decision to promote Rupay card in the country. All types of facilities are available on American Visa and MasterCard . But there is no RuPay card entry in their card network.
