RBL Bank has now decided to issue credit cards working on the Visa payment network. The bank on Wednesday tied up with Visa Worldwide for this. The bank will start issuing Visa cards within the next eight to ten weeks. RBL Bank till now had been issuing credit cards on the MasterCard network but RBI had barred MasterCard (Asia Pacific) from issuing new credit, debit and pre-paid credit cards. This directive of RBI will come into effect from July 22.
RBI takes action against MasterCard for non-compliance with data storage rules
RBL Bank said on Thursday that its card issuance will slow down after the RBI bans Mastercard Asia Pacific from issuing new debit, credit and pre-paid cards. Actually, RBI took this step due to non-compliance of data storage rules towards mastered cards. RBL Bank was currently issuing only cards running on the Mastercard network. Following the instructions of RBI, it has now tied up with Visa Card.
RBI ban on creating new customers in Mastercard from July 22; What will be the impact on credit and debit card users?
RBL said, its debit and pre-paid cards also work on other networks
RBL Bank has said in a regulatory filing that it is currently issuing about one lakh new credit cards every month. He said that the RBI’s direction to Mastercard not to issue new cards for non-compliance with the data storage rules will have a significant impact on the speed of its new card issuance. The bank has said that it is waiting for further instructions from RBI on MasterCard. The bank said that the debit and pre-paid cards issued by it work on networks other than MasterCard networks.
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