Debit/Credit Card Users Can Now Choose Their Networks – RBI Issued New Guidelines: The Reserve Bank of India (RBI) has drafted and issued a new notice that states that Debit/credit card customers now can choose their card network irrespective of their bank agreement with certain networks. Users can capable to select their network similar to that of selecting a network service provider in mobile phones.
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This notice empowers the customers to select their network depending on the factors that suit them like rewards, acceptance, services, and others. This revision by RBI will break the predetermined agreements put forth by the bank to certain customers. User can also migrate their account details to another network without affecting existing details.
RBI also states that customers can use this selection either at the time of issue of the card or at any subsequent time they want to change the network. Regarding this SAG Infotech Mr. Amit Gupta states that this will enhance the customer choosing option for cards and he also instructs the customers to choose the card wisely after researching and evaluating their options.