RBL Bank on Thursday said that it has entered into an agreement with Visa Worldwide to start issuance of credit cards on the Visa platform, the lender informed the indices. The bank also added that it will be able to issue the new cards after technology integration which is expected to take 8 to 10 weeks.
The Reserve Bank on Wednesday indefinitely barred the US-based Mastercard from issuing new credit, debit, and prepaid cards with effect from July 22 for its failure to comply with data storage norms.
Mastercard, a major card issuing entity in the country, is the third company to have been barred by RBI from acquiring new customers after American Express Banking Corp and Diners Club International over local data storage issue.
More details awaited
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