Independent lenders RBL Bank, on September 15, said the bank had started issuing credit cards to its new customers on the Visa payment network.
The bank entered into an agreement with Visa on July 14 as the RBI barred Mastercard from issuing new cards from its platform from July 22 onwards. Mastercard was found not to be compliant with the RBI’s data processing policy.
Previously, RBL Bank and Mastercard were specifically responsible for issuing cards on its platform.
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RBL Bank owns 5% of the credit card market. These cards are designed to provide smart, easy and secure transactions, as well as attractive prize offers for customers, the bank said in a statement.
Harjeet Toor, Head – Retail, Inclusion and Rural Business, RBL Bank, said, “We are pleased to announce the launch of the Visa platform which is widely used during recording. With this launch, we are confident that we will meet our annual plan to issue 1.2 to 1.4 million credit cards to FY22. ”
