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October 1st AnyOne Asked for card network changes?

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...
 
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.

Then its not mandatory..
 
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...??
 
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.
 
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.
 
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
 
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