Credit Card Debit Card New RBI Rules 2020
RBI 2020 new Credit card Debit Cars rules: What cardholders must know To 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...