Get Started with ixamBee
Start learning 50% faster. Sign in now
The Reserve Bank of India (RBI) has issued a draft circular addressing the arrangements between card networks and card issuers when it comes to the issuance of debit, credit, and prepaid cards. The circular aims to enhance customer choice and ensure a competitive market for card networks. When a card is issued to a customer, the choice of the affiliated network is determined by the card issuer. This selection is based on the previous arrangements established between the card issuer and the card networks through bilateral agreements. Therefore, the RBI has exercised its powers under the Payment and Settlement Systems Act, 2007, to introduce the following measures for card issuers to adhere to: · Restriction-free arrangements o Card issuers are prohibited from entering into any agreements that restrain them from availing the services of other card networks. o Card issuers must issue cards across more than one card network, providing customers with a wider range of options so that they can choose a network that best suits them. · Customer Choice o Card issuers must offer eligible customers the freedom to select any one card network from multiple options. This choice can be made at the time of card issuance or at a later stage, depending on the customer needs. o Both card issuers and card networks are expected to comply with the new requirements set forth by the RBI which will be effective from October 1, 2023.
Rohit allocates his monthly salary in different proportions: 15% on traveling, 20% on entertainment, 22% on studies, and 26% on food. The remainder is d...
Arjun's income is such that 60% of it equals 50% of Bhanu's income. If Arjun and Bhanu spend 75% and 80% of their respective incomes, determine the rati...
Monthly incomes of Anil and Sunil are Rs. 36,000 and Rs. _______, respectively. Anil and Sunil save 22% and 28% of their respective incomes. The differe...
Average income of 'Ishan' and 'John' together is Rs. 60,000. Whereas the average expenditure of 'Ishan' and 'John' is Rs. 38,000....
In the last financial year the ratio of the monthly incomes of Viraj and Rohan was m : n and the ratio of their monthly expenditures was p : n. In the c...
Bharti's income is 30% higher than Amisha's income, which is Rs. 8000. Bharti spends 25% of his income, and the ratio of Amisha's...
A Motorbike can be purchased on cash payment of Rs. 30000. But the same Motorbike can also be purchased on the cash down payment of Rs 7000 and the rest...
A factory employs three types of workers: skilled, semi-skilled, and unskilled. Skilled workers earn an average monthly salary of 40,000, semi-skilled...
Pankaj saves 33.33% of his monthly Income. If monthly Expenses of Pankaj is increased by 25% with respect to his previous monthly expenses, then his mon...
