The RBI has, by way of its Circular dated March 6, 2024 (effective from six months from the date of the circular), issued the following directions in relation to issuance of credit cards: (i) card issuers are restricted from entering into any arrangement or agreement with card networks that will restrain them from availing the services of other card networks; (ii) card issuers with more than 10 lakh active cards are required to provide an option to their eligible customers to choose from multiple card networks at the time of issue. For existing cardholders, this option may be provided at the time of the next renewal. Card issuers who issue credit cards on their own authorized card networks are exempted from the Circular’s applicability.