Banks and non-banks to seek clarification from RBI on co-branded cards

RBI move aimed end exclusive tie-up with card networks

Card-issuing banks and non-banks are planning to seek clarification from the Reserve Bank of India (RBI) on whether the customers will be given the option to choose a card network in case of co-branded cards.

On Wednesday, the RBI issued draft guidelines proposing that credit, debit, and prepaid card issuers shall provide their eligible customers the option to choose any one among the multiple card networks.

RBI-authorised card networks in India are American Express Banking Corp, Diners Club International, Mastercard Asia/Pacific Pte Ltd, National Payments Corporation of India — RuPay, and Visa Worldwide Pte Ltd.

While card issuers may have