Following the success rate of “Chinese Union Pay Card”, the Indian Central bank, or the Reserve bank of India is all set to bank upon the credit card business. As per the news, it is expected that RBI will come out with its RBI Credit card till the year end of next year.
As per the news on one of Hindi newspaper, Dainik Bhaskar, RBI Officials have confirmed the news. The motive for this launch is following the success that has been seen in the neighbouring country of China, which came out with its China Union pay Card. The aim of RBI is to make plastic money more popular with the launch of the RBI Credit card.
The Chinese Credit card, called the China Union Pay card was introduced in 2002 and has been tremendously popular. It is used by the leading 14 banks across more than 85 thousand ATMs across the globe.
This RBI Credit card will be designed keeping in mind the needs of the common man. The interest rates on the RBI credit card is also expected to be lower.
| Nice to see a government based central bank in India taking such intitatives. | Table of Contents |
1 comment:
I don't know what the China scene is, but over here, where you already have any number of credit card providers already, what value do you think RBI can add?
If they want a card for the poor, surely they can issue guidelines to the players already there, or perhaps SBI can issue special cards?
What value do you think RBI can add in this space?
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