If you are using a credit card or debit card then you must know the regulations brought by RBI.
If you are swiping your card after your shopping then the bank charges up to 0.9 % for a debit card or if it is a credit card then the charge is up to 2 %. There are different kinds of cards, based on these cards RBI has brought new guidelines.
Rupay is Indian made. Using this we are doing different kinds of payments. It was launched in 2012 by RBI NPCI ( National Payments Corporation of India).
BENEFITS OF USING RUPAY, MASTER CARD, VISA
If your card is from ICICI Bank and the transfer to the card is from HDFC then to check the balance present in your account or to check whether your account is real or fake, the network provider will circulate your information. Later bank will transfer money from the ICICI Bank account to the HDFC account. Everything will be transferred within a second.
RUPAY is an Indian brand. Usually, it has an urgent discount rate. If you are using rupay card then you will not get any bank charges because it is an Indian brand.
All the UPI are connected to this. As UPI was invented by India, it is connected to RUPAY.
DISADVANTAGE OF RUPAY CARD :
It is not globally accepted because it is an Indian brand. But if you are using a master card or visa card, you can use it in the whole universe internationally even if you are visiting more than 200 countries, you will get international accessibility and also a benefit.
Comparing all these rupay, master card, and visa cards, we should support rupay and to benefit all the people it will provide more cashback, discounts, and facilities.
RBI has announced that from September 2024, we can choose our card category. Usually, banks will provide the cards on their network but from now we can choose our cards.
If you have having Rupay and visa card, in 2024 your card will expire, so while doing the renewal of the card, you can change your network type to RUPAY or any other kind of network type.
All these are not applicable for the cards where it has issued more than 10 lakhs. It is not applicable for the cards which have crossed the card limits.
DISCLAIMER:
All this information is given for the purpose of helping the citizens of India. And to use the regulations of RBI in a good manner. We are not responsible for any kind of misuse of the information. We hope the information will be used by all the citizens in a good way.
CONCLUSION:
RBI has introduced the new guidelines for the welfare of citizens. We can use these benefits and we have to support the Indian brand. It is our responsibility to support our brand and also for the welfare of the country. RBI has given us the right to choose our card network type and also has given the option to change the network type during the renewal of the card. Use this information and choose the better cards for you.
Tags
RBI