Central Banking

Visa plans legal action against RBA

AUSTRALIA - The largest credit card company operating in Australia, Visa International, has launched an unprecedented legal action against the Reserve Bank of Australia to overturn reforms Visa claims will discourage its 10 million card holders from shopping on credit.

In a Federal Court filing Wednesday, Visa has challenged the legal grounds of the RBA's historic intervention in the credit card system, claiming it exceeded powers granted under the Payments System (Regulation) Act.

Rival Maste