October 1st AnyOne Asked for card network changes?

[Saiv]

As Rbi guidelines is in force, I’ve seen all media houses covering the news saying the new rule is live. Anyone tried. I’ll ask Sbi Icici & One Card😜 to convert my CC’s to Rupay

 

[raghu.rokda]

They converted into rupay
When Rupay becomes gupay

 

[AritraSaha]

As Rbi guidelines is in force, I’ve seen all media houses covering the news saying the new rule is live. Anyone tried. I’ll ask Sbi Icici & One Card😜 to convert my CC’s to Rupay

Is the RBI guidelines is mandatory or just a recommendation?

Someone plz clarify.

 

[Piyush_Jaiswal]

Is the RBI guidelines is mandatory or just a recommendation?

Some plz clarify.

Hai to mandatory 😂

Mai to ye guideline Amex pe kab lagega uska wait kar rha hoo 😂🤣

 

[SSV]

Is the RBI guidelines is mandatory or just a recommendation?

Some plz clarify.

Assuming it came into force, they are madatory..

VERY Important bit::::: If the Bank is providing a particualr card in both the networks then only you can ask for the one you want.
If the the card is available only on one network, you just can't ask for whatever network you want...

 

[raghu.rokda]

Mai to ye guideline Amex pe kab lagega uska wait kar rha hoo 😂🤣

Then Amex becomes Rupamex

 

[AritraSaha]

Here is the guidelines

https://m.rbi.org.in//Scripts/bs_viewcontent.aspx?Id=4280

 

[SSV]

Here is the guidelines

https://m.rbi.org.in//Scripts/bs_viewcontent.aspx?Id=4280

 

[AritraSaha]

Assuming it came into force, they are madatory..

VERY Important bit::::: If the Bank is providing a particualr card in both the networks then only you can ask for the one you want.
If the the card is available only on one network, you just can't ask for whatever network you want...

But the VERY IMPORTANT BIT is clear violation of this guidelines.

View attachment 31151

Then its not mandatory..

 

[SSV]

But the VERY IMPORTANT BIT is clear violation of this guidelines.

where is the violation mate... Could you please elaborate...?

 

[AritraSaha]

where is the violation mate... Could you please elaborate...?

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

 

[SSV]

Then its not mandatory..

When they want to implement any new rules,
they form the rules and release to the public and stake holders for comments..
Once they receive the feedback, then they will normally issue the proper final guidelines which becomes mandatory...

that is why I said in my first post....

Assuming it came into force, they are madatory..

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

That means , the Bank / issuer should not issue all their credit cards only on ONE Network...It should be atleast on TWO networks..

Example..
Assume, HDF* is issuing 10 cards like , MB, Milli* Regali*.....etc..
All these cards should not be only on one network (i.e. Only on VISA / only on Master/ Only on Rupay) ..
Atleast 9 cards on VIsa and 1 card on Rupay( or Master)...

Got it...??

 

[TheTrickySid]

Assuming it came into force, they are madatory..

VERY Important bit::::: If the Bank is providing a particualr card in both the networks then only you can ask for the one you want.
If the the card is available only on one network, you just can't ask for whatever network you want...

That's the whole point I was trying to explain everyone since the news came out.

The network conversion is only possible if the card issuer issue a perticular card in that particular network.

For eg.
Infinia is issued in 2 variants: Visa and MasterCard, so you can choose between any one of those two variants.

But you cannot ask them for a Infinia in rupay variant.

Lot of people are confused at this exact point assuming they can demand card network of their choice but in reality they can only choose from the available issued network variants.

 

[Saiv]

VERY Important bit::::: If the Bank is providing a particualr card in both the networks then only you can ask for the one you want.
If the the card is available only on one network, you just can't ask for whatever network you want...

Is it true?, if it is then the very purpose of this new rule will be useless, in my personal experience when i went to federal bank branch for a new debit card(even before July Circular). the employee asked me which card you want visa/master card. so it’s already a common practice here & there(not widely available). The very purpose of this new guidance( if it’s not, at least it should be) is to provide the customer an option to choose a card network,irrespective of the card network exclusivity.

 

[TheTrickySid]

choose a card network,irrespective of the card network exclusivity.

Won't that be a burden on banks then??

 

[AritraSaha]

 

[SSV]

View attachment 31153

Translation please.. I can't google it

 

[AritraSaha]

Translation please.. I can't google it

Stop thinking that people are idiots.

 

[SSV]

Stop thinking that people are idiots.

Rightly said...Very right.. but this guidline is also useful to some extent ( I will explain it later)

 

[Saiv]

Won't that be a burden on banks

I don’t think that would be an issue, even without my clause, there’s huge spike in Rupay cards demand, there’re customers who wants to convert to visa from rupay due international transactions restrictions especially from Public sector banks customers. If a customer left with all the choices one can have, there will be a healthy competition & huge offers to retain & on board new customers. If there’s an equal platform for competition, there will be room for innovation & improvements. visa & master card decreased their rates after rupay surge, those options will give a customer centric approach to services