India's RBI Orders Immediate Halt to Exclusive Credit Card Agreements by Banks
Wednesday, 6 March 2024, 05:10
India's RBI Directive on Credit Card Agreements
India's central bank, the Reserve Bank of India (RBI), has issued a directive to banks to discontinue entering into exclusive agreements with credit card networks, such as Visa Inc. and Mastercard Inc.
Impact on Major Players
This action is expected to have a profound effect on Visa and Mastercard, disrupting their market dominance and requiring them to adapt to a more competitive environment in India.
- Key Development: RBI has directed all banks to halt exclusive credit card deals.
- Industry Implications: The move may challenge the status quo of payment networks in India.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.