From October 1, 2023, Credit and Debit card holders in India will be able to port their networks to other ones. People are now able to port their mobile networks without compromising the details. Just like that, Credit and Debit cards will also be able for porting.

The Reserve Bank of India said in a circular that Credit, Debit, or prepaid card users will be able to switch or select their preferred card network in a shift from the current practice.

This regulation will allow flexibility and competition in the credit card market. It empowers users with the freedom to choose the card network that suits their interests.

One of the provisions in the RBI’s proposal is the prohibition of agreements that restrict card issuers from utilizing the services of other card networks. The competition among card networks is expected to stimulate innovation and drive improvements across the industry.

Card Portability

With card portability, Credit, Debit, and prepaid card users will be able to switch between any card network of their choice, like Visa, MasterCard, RuPay, etc. This process will not impact the user’s card accounts, balances, and card usage history.

Currently, users don’t get to choose their preferred card network when they apply for any card service. This is something decided between networks and the card issuer.

There are 5 card network companies in India. They are Visa, MasterCard, RuPay, American Express, and Diner’s Club. These companies have tie-ups with different financial institutions.

The card network portability option will be included in existing agreements or at the time of renewal or in fresh agreements executed from the date of the circular. The RBI has invited opinions from various stakeholders on the draft circular up to August 4, 2023.

Banks have a limited period of less than 90 days to implement these changes. The proposed implementation date is October 1, 2023.

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India’s foreign secretary, Harsh Vardhan Shringla, said on Saturday that the launch of RuPay in Nepal is a big step toward strengthening financial ties between the two countries.

“It is anticipated that it will facilitate bilateral tourism flows and strengthen people-to-people ties,” he added.

He made the remarks during a press conference following extensive meetings between Prime Minister Narendra Modi and his Nepalese counterpart Sher Bahadur Deuba, who was visiting India.

In a summit aimed at deepening relations, Nepal’s Prime Minister Sher Bahadur Deuba met his Indian counterpart Narendra Modi and inaugurated the Himalayan nation’s only railway link with its southern neighbour on Saturday.

Deuba’s first travel to India since taking office in July came just a week after Chinese Foreign Minister Wang Yi paid a visit to Nepal.

The adoption of the RuPay card in Nepal, according to Prime Minister Narendra Modi, will “open a new chapter in our financial connectedness.” Other projects, such as the Nepal Police Academy, the Integrated Check Post in Nepalganj, and the Ramayana Circuit, would help bring the two countries closer together, according to PM Modi.

According to Shringla, there was a general understanding that the boundary dispute between India and Nepal needed to be resolved responsibly via conversation and that politicisation should be avoided.

Deuba said the boundary issue was discussed and encouraged Modi to settle it through the establishment of a bilateral mechanism in a statement to the media.

According to Shringla, the topic was briefly discussed.

“The subject was briefly broached. Both sides agreed that they needed to approach this responsibly through debate and dialogue in the spirit of our strong and cordial relations, and that politicisation of such topics should be avoided “he stated

Shringla was responding to a query about the topic.

छिमेक नीति : भिन्नता सहितको परराष्ट्र नीति।

आज जमिनमा यसको प्रभाव:

– जयनगर र कुर्था बीच सीमापार रेल सेवा।

– सोलु करिडोर विद्युत प्रसारण लाइन र सबस्टेशन।

-१३२ स्वास्थ्य केन्द्र निर्माणमा प्रगति|

-नेपालमा रुपे कार्डको सुरुवात। https://t.co/f8YsFmqFDt

— Dr. S. Jaishankar (@DrSJaishankar) April 2, 2022

He continued, “I believe there was a sense that we should handle it through conversation and dialogue.”

After Nepal produced a new political map in 2020, showing the three Indian regions of Limpiyadhura, Kalapani, and Lipulekh as part of Nepal, ties between India and Nepal were severely strained.

India, for its part, slammed the move as a “unilateral step” and warned Kathmandu that such “artificial extension” of territorial claims would not be tolerated.

In May 2020, Defence Minister Rajnath Singh opened an 80-kilometer-long strategically important route connecting the Lipulekh pass and Dharchula in Uttarakhand.

Nepal contested the road’s opening, alleging it ran into its territory, and released a revised map a few weeks later.

Shringla will visit Nepal in November 2020 to reestablish connections. Following Shringla’s tour, Nepalese Foreign Minister Pradeep Kumar Gyawali paid a visit to India.

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