Credit Card Debit Card New RBI Rules 2020

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credit card rbi rules

RBI 2020 new  Credit card Debit Cars rules: What cardholders must knowTo avoid card frauds U should know the following-

  • All debits and credit cards, including those which are reissued, can only be used for domestic transactions at ATMs and point of sale (PoS) terminals at the time of issuance / reissuance of the card. "At the time of issue/re-issue, all cards (physical and virtual) shall be enabled for use only at contact-based points of usage within India," RBI said.
  • Banks can deactivate current cards and reissue them based on risk perception. RBI has asked all banks and other card-issuing companies to disable online payment services of all debit and credit cards that have never been used for online/contactless transactions. RBI told banks and card issuers: “Existing cards which have never been used for online (card not present) /international/contactless transactions shall be mandatorily disabled for this purpose.”
  • All those Debit Card and Credit Card which are never used for online transactions after March 16,  a move aimed at enhancing security for digital transactions.
  • If the cardholder wants to use the Debit/Credit card outside India, then they need to ask the bank to enable international transactions.
  • Cardholders now can switch on and switch off their card or any particular facility like ATM transaction, online transactions available in the Debit or Credit Card.
  • Customers can get the facility to set their transaction limits.              RBI's new rule for debit and credit cards will come into effect from March 16. However, it will not be applicable for prepaid gift cards and those cards used at the mass transit system

Comments

  1. UnknownJanuary 21, 2020 at 2:13 AM

    Tnx for sharing sir ji

    ReplyDelete
  2. anrajJanuary 22, 2020 at 3:26 AM

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