In view of the increase in banking fraud cases, the Reserve Bank of India has issued new guidelines for securing debit and credit cards. These changes will be effective from 1 October 2020.
Reserve Bank of India has changed the rules for international transactions, online transactions, and contactless transactions. The new guidelines have come into force from today i.e. 1st October. Let’s know about these new credit and debit card rules.
As per the rules of the central bank, from today customers have to set limits for their debit and credit cards. Customers have to set the limit for online money transfers and online shopping at ATMs, POS machines, or online. You can decide this limit using net banking, mobile banking, or bank ATM.
New Debit and Credit card Rules of Transaction
As per the new debit and credit card rules customers will have to register preferences for international transactions, online transactions, and contactless transactions, ie setting priority. If the customer needs a particular service, then only he will get that service.
Customers who will be issued a new card will have to register for each service. When the card is issued, only the facility of domestic transactions will be available from ATM and POS machines and customers will have to register for the rest of the facilities.
Many international e-commerce websites neither ask for CVV PINs nor send OTPs to confirm transactions. In such a situation, the transaction will not be possible after the new rules are implemented. Along with this, customers will also have to set a limit for this. This will make the transaction safer and will prevent fraud.
Cardholders can enable and disable the NFC (contactless) facility, which currently has a limit of Rs 2,000 per day without a PIN.
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