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New Delhi [India], March 6 (ANI): The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has issued a directive aimed at enhancing consumer choice and competition in the credit card market. In a circular released on Wednesday, the RBI mandated that card issuers must provide their eligible customers with the option to choose from multiple card networks at the time of issuance or renewal. According to a press release, the central bank prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other card networks. The directive addresses concerns raised about restrictive practices prevalent in the credit card industry. The RBI identified arrangements between card issuers and card networks that limit customer choice as detrimental to the availability of options in the market. By taking decisive steps to promote consumer choice and fair competition, the RBI aims to foster a more dynamic and inclusive financial ecosystem. Key highlights of the RBI directive include the requirement for card issuers to offer eligible customers the choice of selecting from multiple card networks at the time of issuance or renewal of credit cards. This provision seeks to empower consumers by providing them with greater flexibility and control over their financial products. Additionally, the RBI has banned card issuers from entering into agreements with card networks that restrain them from availing the services of other card networks, aiming to promote fair competition and prevent anti-competitive practices. The directive provides definitions for authorized card networks, including American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/Pacific Pte. Ltd., <keyword id="20846648" type="General" weightage="20" keywordseo="national-payments-corporation-of-india-rupay" source="keywords">National Payments Corporation of India-Rupay</keyword>, and <keyword id="20846647" type="General" weightage="20" keywordseo="visa-worldwide-pte" source="keywords">Visa Worldwide Pte</keyword>. <keyword id="20040916" type="General" weightage="20" keywordseo="limited" source="keywords">Limited</keyword>. Certain exemptions have been outlined as well, including an exemption for credit card issuers with a smaller customer base of 10 lakh or fewer active cards. The implementation timeline for the directive is set to be six months from the date of issuance of the circular, allowing card issuers and card networks sufficient time to comply with the new requirements. The directive underscores the RBI's commitment to promoting transparency, choice, and competition in the credit card market, with a focus on creating a more consumer-friendly financial ecosystem. With the issuance of this directive, the RBI reaffirms its role as a proactive regulator dedicated to safeguarding the interests of consumers and promoting a competitive and resilient financial system. (ANI)

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

Rohit Sharma-led <keyword id="20015089" type="General" weightage="100" keywordseo="Team-India" source="keywords">Team India</keyword> reached Prime Minister Narendra Modi's residence on Thursday morning after their success at the 2024 edition of the <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> in <keyword id="20398397" type="General" weightage="20" keywordseo="Barbados" source="keywords">Barbados</keyword>. The T20 World Cup winners will meet with <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> at his residence, 7, Lok Kalyan Marg in <keyword id="19900881" type="General" weightage="20" keywordseo="Delhi" source="keywords">Delhi</keyword>. The Men in Blue wore a special jersey while meeting PM Modi. In the front of the jersey 'CHAMPIONS' was written in bold letter. The Men in Blue got hold of the prestigious T20 WC trophy for the second time, defeating South Africa by seven runs in Barbados on Saturday. The T20 World Cup-winning Indian team touched down in Delhi on Thursday to a warm welcome from the fans awaiting the sight of their favourite heroes and the sight of the silverware. The squad members, support staff, their families and media were stuck in Barbados, which was hit by <keyword id="22233395" type="General" weightage="20" keywordseo="Hurricane-Beryl" source="keywords">Hurricane Beryl</keyword>, at that stage a category four hurricane that passed through Barbados, with Grantley Adams International Airport in Bridgetown shut for three days. The flight was organised by the Board of Control for <keyword id="19919646" type="General" weightage="20" keywordseo="cricket" source="keywords">Cricket</keyword> in India (BCCI) secretary Jay Shah and departed on July 2 before arriving in Delhi at around 6:00 AM on Thursday morning. Board officials and members of the media contingent from the tournament were also on the flight. India ended a 13-year ICC trophy drought with <keyword id="20083294" type="General" weightage="20" keywordseo="victory" source="keywords">victory</keyword> in the final, defeating South Africa by seven runs on Saturday. Virat Kohli's 76 helped India reach 176/7 while Hardik Pandya (3/20) and Jasprit Bumrah (2/18) helped India restrict Proteas to 169/8 despite Heinrich Klaasen's 52 in just 27 balls. Bumrah, who got 15 scalps throughout the tournament at a stunning economy rate of 4.17, got the 'Player of the Tournament' honours. Much like other teams do after winning titles, the Rohit-led side will have an open-top bus ride in Mumbai at Marine Drive and the iconic Wankhede Stadium from 5:00 pm onwards to celebrate.

Rohit Sharma-led Team India reach PM Modi's residence after T20 WC triumph

The Delhi Disaster Management Authority (DDMA) on Tuesday decided to impose a weekend curfew in the capital city in the wake of the ongoing Covid-19 resurgence. In a virtual meeting chaired by Lieutenant Governor Anil Baijal, the Authority suggested for weekend curfew during which no non-essential movement will be allowed. The meeting also discussed imposing more restrictions in the city in an effort to curb the unabated surge. According to the DDMA order, all government offices, except those dealing with essential services, will work from home. A cap of 50 per cent occupancy has been imposed on private offices. On Monday, Delhi reported 4,099 fresh Covid cases, the highest single-day spike after May 18, 2021 when the tally was also 4,482. The new cases have pushed the infection tally to 14,58,220. Meanwhile, an additional Covid fatality has increased the national capital's death toll to 25,110. The Covid infection in the city has climbed to 6.46 per cent, highest in the last seven months. According to the Delhi Health Department, the national capital had recorded 6.89 per cent positivity rate on May 18, 2021. Of the cases being reported in the national capital, 81 per cent are that of the new Omicron variant, Health Minister Satyendra Jain had said in the Legislative Assembly on Monday. The capital has, so far, detected 351 Omicron cases, of which 57 have been discharged from the hospital. SEE ALSO <a href="https://www.businessinsider.in/india/news/delhi-cm-arvind-kejriwal-tests-positive-for-covid-19/articleshow/88679427.cms" data-type="tilCustomLink">Delhi CM Arvind Kejriwal tests positive for COVID-19</a> <a href="https://www.businessinsider.in/business/startups/news/infoedge-and-zomatos-deepinder-goyal-invested-money-in-geniemode-10-month-old-tech-startup/articleshow/88683920.cms" data-type="tilCustomLink">After Deepinder Goyal and Kunal Shah, Info Edge backs this 10-month-old tech startup</a> <a href="https://www.businessinsider.in/business/news/ongc-appoints-alka-mittal-as-chairperson-and-managing-director/slidelist/88681434.cms" data-type="tilCustomLink">Meet Alka Mittal, the first woman to head oil giant ONGC</a>

Delhi imposes weekend curfew after CM Arvind Kejriwal tests positive of Covid-19

New Delhi, SoftBank-backed e-commerce firm <keyword id="3480589" type="General" weightage="20" keywordseo="meesho" source="Orion">Meesho</keyword> has delisted nearly 42 lakh counterfeit and infringing product listings and 10 lakh restricted products in the past six months, the company said on Wednesday. The total deactivated products account for less than 5 per cent of the total products listed on <keyword id="3480589" type="General" weightage="20" keywordseo="meesho" source="Orion">Meesho</keyword>'s platform, a company official said. Meesho said its "Project Suraksha" systems has detected and blocked over 12,000 bad actor accounts from accessing the platform. "The project has yielded impressive results, with nearly 42 lakh counterfeit and infringing product listings and 10 lakh restricted products deactivated in the past six months. Since February, there has been a 80 per cent reduction in platform views for non-compliant listings, they now represent a mere 0.1 per cent of platform views," Meesho said in a statement. <keyword id="11048334" type="General" weightage="50" keywordseo="meesho-founder" source="Orion">Meesho Founder</keyword> and Chief Technology Officer Sanjeev Barnwal said the company leveraged advanced techniques in computer vision and natural language understanding to continuously fortify quality checks and effectively identify counterfeit products and bad actor sellers. "We also have a dedicated quality and compliance team that proactively cross verifies automated signals and in turn enables us to combat fraudulent practices which builds trust with our users," Barnwal said. Meesho has created a 'Suraksha List' comprising around 1,800 brands which have been identified as high-risk for infringement and counterfeiting. "By continuously investing in technology, enhancing quality checks, and forming strategic brand partnerships, we have significantly improved our ability to detect counterfeit products and protect our users from potential harm," Meesho CXO for Business, Utkrishta Kumar said.

You Searched For "delhi restrictions" and got 4 results

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

ANI

Rohit Sharma-led Team India reach PM Modi's residence after T20 WC triumph

ANI

Delhi imposes weekend curfew after CM Arvind Kejriwal tests positive of Covid-19

IANS

Meesho delists 52 lakh counterfeit, restricted products in six months

PTI

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