RBI Directs a Card Network to Restrain Unauthorized Commercial Payment Systems
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- By Chetan Kulasri
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- Last Updated on 18 February, 2024
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Press Release: 2023-2024/1885, Dated 15.02.2024
The RBI has noticed that a Card Network had an arrangement that enables businesses to make card payments through certain intermediaries, to entities that do not accept card payments. A card network connects your bank, merchants, and you to make the transaction possible in a secure, smooth, and efficient way.
On closer scrutiny, RBI observed that this arrangement qualified as a payment system. It was that the Card Network to keep all such arrangements under abeyance, till further orders.
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