Here proof - ICICI Sapphiro Credit card launched on RuPay Network

[Abhishek012]

Here proof - ICICI Sapphiro Credit card launched on RuPay Network:

Check here Bookmyshow offer page -

https://in.bookmyshow.com/offers/icici-bank-complimentary-offer/ICICCOM724

See here RuPay BIN - 653027

Offer eligible showing only on - Sapphiro, Intermiles, Emeralde, Emeralde Private Metal Credit Cards.

What do you guys say ? dnt say maybe Emeralde Private Metal Credit Card launched on RuPay. 🤣 🤣

 

[sidp]

For credit cards - The RBI has instructed banks to partner with at least two card networks. The majority of cards should be distributed across two networks. This requirement was introduced to avoid situations like when Mastercard faced a ban, leading banks such as Yes Bank, Axis Bank, RBL Bank and Federal Bank to temporarily halt issuing credit cards.

Where did you find this in rbi circular? Rbi circular mentions no such thing. Does RBL/yes/Federal Bank even have 10L active cards? Unless they do, this directive doesn't apply to them.

Credit Card networks often enter into exclusive agreements, which prevent banks from partnering with other networks. Such agreements are no longer allowed to be signed.

This doesn't mean each cc has to be issued in multiple networks. This is sort of a law against anti competitive activity. If tomorrow diners threatens hdfc that either hdfc must stop issuing millenia in visa(meaning they can only issue in diners nw), else diner will stop issuing coveted DCB ; following which hdfc really does. Then that would be illegal.
It was already illegal through anti trust/fair competition laws.
Just that RBI has reiterated for this particular instance due to public interest leaving no room for multiple interpretation by businesses. Sadly now people( & so called finfluencer/journalists ) are still interpreting this straight forward circular as per their wish.