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RBI’S NEW CREDIT and DEBIT CARD GUIDELINES



  Apr 08, 2024

RBI’S NEW CREDIT and DEBIT CARD GUIDELINES



Reserve Bank of India’s (RBI) new guidelines for credit and debit cards, which aim to enhance user autonomy and security:

Choice in Card Networks: The RBI now allows customers to choose their preferred card network provider for their credit and debit cards. This is akin to selecting a telecom operator; you can opt for Visa, MasterCard, or any other network that suits your needs best.

RuPay’s Enhanced Role: RuPay, India’s domestic card network, has been further integrated with the Unified Payments Interface (UPI). This means you can now use RuPay in conjunction with UPI for seamless online transactions, bypassing the need to enter card details each time.

Data Protection Norms: The new guidelines ensure that your transaction data with co-branded partners, such as airlines or retail chains, remains confidential. This is similar to a non-disclosure agreement where your spending habits are not shared without your consent.

Defined Usage for Business Cards: Business credit cards are now regulated to be used strictly for business-related expenses. It’s like having a company car that’s only meant for official trips, ensuring that the card is not misused for personal activities.

Restrictions on Unsolicited Cards: Banks are prohibited from issuing credit cards without explicit customer consent. This is comparable to needing your permission before a company can send you promotional emails.

Billing Cycle Flexibility: You now have the flexibility to set your credit card billing cycle to match your financial inflow, such as aligning it with your salary date. This helps in better managing your finances and ensuring timely payments.

These guidelines are designed to give you more control over your financial tools, safeguard your privacy, and make your transactions more secure and convenient


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