RBI issues new rules for debit and credit cards

Monday 16 March 2020 09:26 CET | News

Reserve Bank of India has issued a set of rules meant to improve security of card transactions and curb the misuse of debit and credit cards.

RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.

These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features. As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.

Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from 16 March. The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week. If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Reserve Bank of India, credit cards, debit cards, Issuer, card transactions, cross-border payments, cards, contactless payments, Asia, APAC
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce