New Norms For Credit Cards Shortly

Reserve Bank of India plans to chalk out rules for companies dealing with credit card business and recommends making it obligatory for all players to register themselves with central bank prior to operating as issuers. Mr. V Leeladhar, RBI deputy governor, said “The regulations will have to be drawn out…They (companies) have to register”.

Credit card providers like Visa and Master Card are operating with banks though no timeframe was set for the new regulations. On that issue Mr. Leeladhar said, “This is a new area we will have to look at”. Further he said that Parliament has recently passed the Payment and Settlement Act, 2007, while the regulatory framework for implementing the law is currently being worked out.

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