Question
The Reserve Bank of India (RBI) has issued a draft
circular addressing the arrangements between card networks and card issuers when it comes to the issuance of debit, credit, and prepaid cards. Both card issuers and card networks are expected to comply with the new requirements set forth by the RBI which will be effective from _______.Solution
The Reserve Bank of India (RBI) has issued a draft circular addressing the arrangements between card networks and card issuers when it comes to the issuance of debit, credit, and prepaid cards. The circular aims to enhance customer choice and ensure a competitive market for card networks. When a card is issued to a customer, the choice of the affiliated network is determined by the card issuer. This selection is based on the previous arrangements established between the card issuer and the card networks through bilateral agreements. Therefore, the RBI has exercised its powers under the Payment and Settlement Systems Act, 2007, to introduce the following measures for card issuers to adhere to: · Restriction-free arrangements o Card issuers are prohibited from entering into any agreements that restrain them from availing the services of other card networks. o Card issuers must issue cards across more than one card network, providing customers with a wider range of options so that they can choose a network that best suits them. · Customer Choice o Card issuers must offer eligible customers the freedom to select any one card network from multiple options. This choice can be made at the time of card issuance or at a later stage, depending on the customer needs. o Both card issuers and card networks are expected to comply with the new requirements set forth by the RBI which will be effective from October 1, 2023.
Who is the author of the book ‘Era of Darkness’ ?
India's first Videsh Bhavan will be established in which of the following states?
Comider the following statements about the reign of Humayun.
1. When Humayun came into power in 1530, the newly conquered territories and adminis...
GOI announced construction of an iconic cable stayed-cum-suspension bridge across which river(Oct)
Which regulatory body has prohibited regulated entities from associating with unregistered entities, including financial influencers?
What is the name of the scheme launched by Uttar Pradesh government to boost milk production?
Consider the following statements about the Emergency Medical Response System (EMRS) of IAF:
1. EMRS provides a 24/7 telephonic medical helplin...
What is the name of the Khelo India Winter Games 2024 mascot, a snow leopard?
Bori Wildlife Sanctuary is in which district?
Which of the following acts talks about a common framework for the structure and mandate of urban local bodies to enable them to function as effective d...