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RBI updates measures to improve transparency and safety of debit/credit cards

The Reserve Bank of India (RBI), by way of its notification of January 15, has released its updated measures by way one can improve transparency and safety of debit/ credit cards. This will be applicable from March 16. If a person is expecting to get a debit or credit card any time after March 16, he/she will have to keep plethora of things ready for consideration.

 

For all kind of transactions such as online transactions, contactless transactions, card-not-present transactions and international transactions, card holders will be liable to set up separate services on their newly allotted card. However, card holders can access all their limits through all channels such as internet banking, mobile application, IVR or ATMs.

 

However, the regulation is mandatory for those who use mass transit systems and prepaid gift cards. At a time of issuance/reissuance of the card, RBI has asked banks to grant only domestic card transactions at ATMs and Pos terminals in India. Moreover, it will be mandatory to disable existing cards which have never been used for any kind of transactions. These norms have been taken to curb cyber frauds.

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