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RBI is transforming India's credit card industry by promoting customer choice and flexibility
In a groundbreaking move the Reserve Bank of India(RBI) has introduced a draft regulation that gives debit credit and prepaid cardholders the freedom to choose the Preferred Card Network. This regulation challenges the existing properties where current Network options are predetermined by agreements between the issuers and even networks. The RBI aims to promote customer choice and flexibility enhancing competition in the credit card markets.
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