Taking a step towards the security of users the Reserve Bank of India (RBI) would roll in some measures from next week. From coming 16th March your credit and debit cards will be more secure.
As per new rules of RBI, all the new debit and credit cards issued by banks would only be enabled for domestic transactions at ATMs and point of sale (PoS) terminals. To ‘enable’ online transactions one would have to approach the respective bank.
Here are quick updates about the new rules that you must know:
- All new debits and credit cards including those which are reissued would work only at domestic transactions at ATMs and point of sale (PoS) terminals.
- Users who want to use their cards for international transactions would have to ask the bank to enable international transactions. Earlier this thing was default in all cards.
- Other services like contactless transactions can also be ‘enabled’ by users by asking their respective banks.
- Banks would have the right to deactivate current cards and reissue them based on risk perception.
- If any individual has not used their card for online transactions, international transactions and contactless transactions before, the bank will have an option to disable these options.
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Users would have the option to switch on and switch off any of the features. For these facilities, banks would have to provide the users with a 24×7 mobile application facility as per RBI.
