What happened to the RBI circular which stated that credit card can be obtained on any card network.

[MUDIT JAIN]

RBI put out a circular that credit card would be issued on user requested card network.What happened of it?

 

[MrKant]

It will take time
And majority of the old card may not get this benefit

 

[shrewdoc]

If you think YOU'LL get to choose from the Buffet, you're mistaken.

The circular mentions that Bank cannot launch a card only on one specific network. They'll have to provide the same card on a different network as well and the customer can choose from 2 or more options.

 

[MUDIT JAIN]

It will take time
And majority of the old card may not get this benefit

Okay.Thanks for the reply

 

[rojajimmy]

The circular was issued on 3rd March (Check exact date please) and it comes into force/effect in September (3rd Sept)
I know this because I got my yes bank Reserv card converted to rupay from MC citing that same circular and yes bank initially denied the network change saying "bank decides it not the customer" but when I threatened them to raise the same to RBI ombudsman they did send me the card telling me that the circular comes into effect from Sept but here is your card. (they sent it in July so they are getting prepared)

 

[MUDIT JAIN]

The circular was issued on 3rd March (Check exact date please) and it comes into force/effect in September (3rd Sept)
I know this because I got my yes bank Reserv card converted to rupay from MC citing that same circular and yes bank initially denied the network change saying "bank decides it not the customer" but when I threatened them to raise the same to RBI ombudsman they did send me the card telling me that the circular comes into effect from Sept but here is your card. (they sent it in July so they are getting prepared)

Thanks for the reply

 

[shivamk]

The circular was issued on 3rd March (Check exact date please) and it comes into force/effect in September (3rd Sept)
I know this because I got my yes bank Reserv card converted to rupay from MC citing that same circular and yes bank initially denied the network change saying "bank decides it not the customer" but when I threatened them to raise the same to RBI ombudsman they did send me the card telling me that the circular comes into effect from Sept but here is your card. (they sent it in July so they are getting prepared)

Time to threaten Axis with this in September