The apex lender RBI has changed the norms for issuance of credit cards and in lieu of the same the banking regulator has released a notification today (March 6, 2024). The notification said, the authorised card networks tie-up with banks / non-banks for issuance of credit cards. The choice of network for a card issued to a customer is decided by the card issuer (bank / non-bank) and is linked to the arrangements that the card issuers have with card networks in terms of their bilateral agreements.

However, the RBI said the customer shall now onwards will have to be provided with multiple options in relation to the card network.