Card Network New Rules 2024

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 it is not of their interest, whereas it is not so 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. The card is issued by these card network companies. Till now, it was decided by the bank which card network the customer would get. Now this will not happen. From today, new rules of card network have been issued.

Reserve Bank of India (RBI) had 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 of his choice. 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's Club. Experts gave their reaction on this decision of RBI. They said that if the customer selects the card network of his choice, then it will prove beneficial for them.