According to the rule, a bank or non-bank issuing cards cannot make a consumer use a card from a specific network.
Card issuers are advised by the Reserve Bank of India (RBI) not to sign into any agreements or arrangements with card networks that would prevent them from using the services of other card networks.
In compliance with this directive, card issuers must give their qualified clients the choice to select among a number of card networks at the time of issuance. This option must be offered to current cards when their next renewal comes up.
The card networks that have been authorized are Visa Worldwide Pte. Limited, MasterCard Asia/Pacific Pte. Limited, Diners Club International Limited, National Payments Corporation of India — Rupay, and American Express Banking Corp.
The authorized card networks—American Express Banking Corp., Diners Club International Limited, MasterCard Asia/Pacific Pte. Limited, National Payments Corporation of India — Rupay, and Visa Worldwide Pte. Limited—are the ones that collaborate with banks and non-banks to issue authorised card networks.
