Banks should give customers the option to choose card network, RBI's instructions in new circular

You can now select the network of your choice if you are a debit or credit card customer. This facility will need to be provided by banks. In the order, the RBI stated that banks will allow customers to select any network when issuing credit-debit cards. Customers cannot be forced by banks to use a specific card network. Within six months, this rule must be put into effect.

RBI said in a circular on Wednesday that card-issuing companies should not enter into any agreement or arrangement with the card network that prevents customers from availing of the services of other networks. Those customers who currently have cards will have to be given the option to choose the network at the time of card renewal. The central bank said the review has revealed that the arrangements existing between card networks and card issuers are not suitable for providing choices to customers.

Bank Bazaar CEO Adil Shetty said this decision of RBI will give more options to customers when getting a new card or while renewing it. This will improve the consumer experience.