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That's never going to happen. If rbi directs this now, what's next? Forcing issuers to allow to redeem cv points on spicejet?I’ll ask My Airtel, APay Cards on Amex Networks
Simply click on Rupay(5-10 points for every ₹100) even One Card on Rupay
So basically this affects SBI and Axis as others are okay with you choosing any network anytime.That's never going to happen. If rbi directs this now, what's next? Forcing issuers to allow to redeem cv points on spicejet?
What it aims to do is allow to switch between available networks. Neu Infinity comes in rupay and visa. You can switch between them. You can't demand neu infinity in amex or diners.
Indusind and idfc too.So basically this affects SBI and Axis as others are okay with you choosing any network anytime.
Even though it is a 'draft circular' it goes on to say:3. In exercise of the powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), the RBI being satisfied that it is necessary and expedient, in the interest of payment system and public interest, to do so, hereby, directs as under:
- Card issuers shall not enter into any arrangement or agreement with card networks that restrain them from availing the services of other card networks.
- Card issuers shall issue cards across more than one card network.
- Card issuers shall provide an option to their eligible customers to choose any one among the multiple card networks. This option may be exercised by customers either at the time of issue or at any subsequent time.
So, that is means as of now it is an enforced circular for the relevant portions.5. The directions at para 3 (b) and (c) above shall be effective from October 01, 2023.
So, the provision has been revised, potentially favoring card issuers. As per it, for existing customers card network change is not possible anymore at ANY subsequent time but at the time of next renewal only.b) Card issuers shall provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal.
Meaning it will be effective from 6 September, 2024.7. The directions at para 3(b) above shall be effective six months from the date of this circular.
Nope!@TechnoFino
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Since you are being referenced in the article, please do give us hope, will HDFC start issuing DCB on Visa / mastercard or they'll keep this variant specific to Diners Club only?
No!New notification which enables you to chose your own card network provider.
Credit card users can now choose between Visa, Mastercard, RuPay and Amex. Here’s what you need to know
Credit card users will now have the freedom to choose between card networks. Until now, your bank decided the networks the card you were issued was based on. The RBI's latest directive gives more choice to card customerswww.moneycontrol.com
Will this let Diners Club Black holders chose Visa / Mastercard? This would solve a lot of problems.
You can try asking them .Is there anyway i can ask my bank to reissue my card with different network provider...
Did someone mail for infinia or sbi cashback in rupay?Credit card new rules | From Sept 6, you can choose among Mastercard, RuPay or Visa as a preferred network
Starting September 6, 2024, credit cardholders in India will have the option to choose their preferred card network—Mastercard, RuPay, or Visa—when applying for a new card or renewing an existing one.
This new flexibility comes as a result of the Reserve Bank of India’s (RBI) guidelines aimed at improving customer choice and fostering competition in the digital payments space.
Did someone mail for infinia or sbi cashback in rupay?
Card issuers who issue credit cards on their own authorised card network are excluded from the applicability of the circularDiners black rupay would be interesting
Does this also cover the situation where the existing card may be damaged or lost, and a new card is re-issued?"or renewing an existing one."
It will applicable at renewal only but can be discussed with CCDoes this also cover the situation where the existing card may be damaged or lost, and a new card is re-issued?
(and, of course, we do pay relevant charges)
Card issuers and card networks shall ensure adherence to the above requirements in:Did someone mail for infinia or sbi cashback in rupay?