The Reserve Bank of India has changed the credit card and debit rules on Wednesday that the Reserve Bank of India has changed the credit card and debit rules on Wednesday. The bank has given this information through a circular. Debit, prepaid card rules can also be changed after the decisions taken by RBI. Regarding this, RBI said that any card should be allowed to be used not for any particular network but for all networks.

RBI issued circular

RBI has issued a circular. In this circular, the bank said that credit card, debit card, prepaid card should be used for all networks. The bank has also sought public opinion for this.

Why did RBI take this decision?

You can make payments at any merchant using the card comfortably. The card network facilitates transactions between the merchant and the cardholder. The card network provides a kind of infrastructure. The card network also charges fees for this.

Talking about card network companies, the four main credit card networks are MasterCard, Visa, American Express , and Discover. Two of these are also corporate card issuers. This is Amex and Discover.

Whenever you make a payment with a card, it is decided by the card network that where the payment can be made by credit card. If you ever see the facilities of two different credit cards , then you will find that the facility which is available on one card is not available on the other card.

Not every merchant or shopkeeper is able to accept all types of card payments. You can understand this in such a way that Visa card does not work in many places and Master card does not work in some places. Because of this, the central bank is going to bring these rules regarding credit card payment.

Promotion of Rupay Card

If the rules regarding credit card or debit card will be changed, then its most positive effect will be seen on Rupay card. It is believed that the Reserve Bank of India is bringing this decision to promote Rupay card in the country. All types of facilities are available on American Visa and MasterCard . But there is no RuPay card entry in their card network.

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This has been told by issuing a circular from the Reserve Bank. RBI takes many major decisions from time to time keeping in view the condition of the banks. Let us tell you that now on which banks RBI has banned and why.

Will be able to withdraw only 5000 rupees from the account

Reserve Bank has imposed many restrictions on certain co-operative banks in view of their worsening economic condition. This action has been taken against 5 banks, out of which customers of 2 banks can withdraw only up to Rs 5000 from their accounts. Please tell that this ban will remain in force for the coming 6 months.

Which banks are banned?

RBI has imposed restrictions on Urvakonda Sahakari Municipal Bank, Urvakonda (Ananthapur District, Andhra Pradesh) and Shankarrao Mohite Patil Sahakari Bank, Akluj (Maharashtra) Bank, due to which withdrawal of only Rs. will be able to do.

Bank will also not be able to give loan, apart from this, these banks will not be able to renew any kind of loan or advances. The bank will also not be able to make any kind of investment. Also, both the banks will not be able to enter into any agreement or sell or transfer their property.

RBI issued circular

In the circular issued by RBI, it has been told that banks will continue banking business with restrictions till their economic conditions improve. Whereas, due to the current cash position of HCBL Sahakari Bank, Lucknow (Uttar Pradesh), Adarsh ​​Mahila Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra) and Shimsha Sahakari Bank Regular, Maddur, Mandya (Karnataka), customers of these banks may withdraw Rs. Will not be able to withdraw.

Customers will get 5 lakh

RBI said that the eligible depositors of the five co-operative banks will be entitled to receive deposit insurance claim amount up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation.

The post Big decision of RBI: Big News! These 2 bank customers will be able to withdraw only Rs 5000 from their account, notification issued! first appeared on Rightsofemployees.com.