RBI has issued new rules for debit and credit cards to improve the security and convenience of card transactions.
New Debit, Credit Card Rules:
With increasing cases of bank fraud, the Reserve Bank of India has issued new guidelines for securing debit and credit cards. These changes have come into force today i.e. from 1 October 2020. RBI has issued new rules for debit and credit cards to improve the security and convenience of card transactions. Prepaid cards and gift cards are not included in this decision of RBI.
Card will be enabled for domestic transactions only
All debits, credit cards will be enabled for use only at ATMs and Point of Sale (PoS) devices in India at the time of issue or reissue by the bank. If customers want to use their debit, credit card outside India, they have to request the bank for convenience. Before the arrival of this notification, most bank-issued cards could be used anywhere in the world.
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Banks will be able to deactivate on the basis of risk perception
For existing debit and debit cards, the issuing banks can deactivate them based on risk perception. They can decide to disable card not present (domestic and international) transactions, card-present (international) transactions and contactless transaction rights.
Card disabled if not used
RBI has asked all banks and other card issuing companies to disable the online payment service of all debit and credit cards that have never been used in India or internationally.
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Will be able to register priority
According to the new guidelines, card users will be able to register their preference for online, international and contactless transactions. These include opt in or opt out services, limit of expenses and other services.
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Be able to set the transaction limit
Card holders can set transaction limits for both debit and credit cards. Users will have access to switch on or off and change all the transaction limits through all available channels including mobile applications, Internet banking, ATMs, interactive voice response (IVR).
The option to enable or disable the NFC feature
Many banks also issue cards on the basis of Near Field Communication (NFC) technology. Now cardholders will have the option to enable or disable the NFC feature for which PIN is not required.
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Source: www.financialexpress.com
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