Wonder of wonders, it seems the Reserve Bank of India (RBI) now plans to get into the credit card game. Sometime towards end of next year, it will launch an IndiaPay credit card – an Indian version of the China UnionPay card. They are yet to decide if it would also be a smart card.

Sounds nice, though I’m sceptical of this initiative as RBI is now entering an industry it is meant to regulate. Potential conflict of interest, no ?

What do you think?

 

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