New Delhi: After the Reserve Bank of India (RBI) banned MasterCard, RBL, one of the largest private banks in the country, has taken a big decision. In a statement issued by RBL on Thursday, it said it has resolved the issue and entered into an agreement with Visa Card. They will now issue Visa debit and credit cards to their customers.
Please tell that after the order of RBI, no bank will be able to issue its card. This order will come into effect from July 22. Indeed, Mastercard has failed to comply with the rules for data storage. To which RBL says that credit card issuance rates will be affected after the Reserve Bank of India (RBI) bars MasterCard Asia-Pacific from issuing new credit, debit and prepaid cards.
Let us tell you that RBL Bank currently issues credit cards only on the MasterCard network. To tackle the issue of being banned from MasterCard, the bank on Wednesday signed an agreement with Visa Worldwide to issue enabled credit cards on the Visa payment network, according to information provided by the bank. So that they can issue their customer cards.