Udayavni Special

RBL Bank’s credit card issuance rate to be impacted post RBI’s Mastercard ban

PTI, Jul 15, 2021, 10:20 AM IST

New Delhi: RBL Bank on Thursday said its credit card issuance rate will be impacted post the Reserve Bank barring Mastercard Asia Pacific from onboarding new credit, debit and prepaid card customers with effect from July 22 as it failed to comply with data storage norms.

RBL Bank, which currently issues credit cards on the Mastercard network only, said it has entered into an agreement with Visa Worldwide on Wednesday to issue credit cards enabled on the Visa payment network.

“Our bank”s current run rate of approximately 1,00,000 new credit card issuances per month could potentially be impacted till such time that there is clarity from the regulator on issuing new credit cards on the Mastercard network or till the technical integration with Visa is complete,” RBL Bank said in a regulatory filing.

The bank expects to start issuance of credit cards on the Visa payment network post the technology integration which is expected to take 8 to 10 weeks

It said the company awaits further information from Mastercard on RBI”s supervisory action.

“The debit and prepaid cards issued by the bank are already enabled on other payment networks in addition to the Mastercard network,” RBL Bank said.

It said, as of date, it has approximately 3 million credit card customers and is the fifth largest credit card issuer in the country with approximately 5 per cent market share.

Reserve Bank of India (RBI) imposed restrictions on Wednesday on Mastercard Asia/Pacific (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. The supervisory action will not impact existing customers of Mastercard.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Bantwal: Youth goes missing, bike found abandoned near Nethravathi bridge

Karnataka to put in place compulsory testing to stop spread of Covid: Bommai

COVID-19: India records 44,230 fresh cases, 555 more fatalities

CBSE to announce class 12 results today

KS Eshwarappa ready to join new cabinet, unlike former CM Shettar

US to conduct rare 2nd lottery for H-1B visa applicants

Rahul Gandhi urges people in Kerala to adhere to Covid guidelines

Related Articles More

Uday Kotak asks banks to be upfront in recognising stress

Rupee gains 9 paise to close at 74.29 against US dollar

Tejas Networks shares jump 5 pc; hit upper circuit as Tata Sons arm to acquire controlling stake

Sebi slaps fine on Viaan Industries, Raj Kundra, Shilpa Shetty for disclosure lapses

Sensex rises over 200 pts in early trade, Nifty tops 15,750


i was a Kannadiga in my previous birth | Happy Birthday Sonu Nigam | Udayavani

CM Basavaraj Bommai about Cabinet Expansion



Vandana Rai Karkala and her innovative teachings

Latest Additions

Army veterans pay tributes to fallen warriors of IPKF in rare ceremony

States race to use COVID-19 vaccines before they expire

Bantwal: Youth goes missing, bike found abandoned near Nethravathi bridge

Earth’s inner core is growing more on one side, and here’s why it isn’t tipping

Karnataka to put in place compulsory testing to stop spread of Covid: Bommai

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.