Business Center & State

RBI issues new guidelines to be in effect from today : Here’s what you need to know.

By Tanvi Bhamare
RBI issues new guidelines to be in effect from today : Here’s what you need to know.
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Key Points : 

  • The RBI has directed all banks to not unnecessarily give international facilities to customers’ cards, unless the customer himself demands it in order to avoid fraudulent transactions.
  • The debit and credit card services will only be authorized for transactions at ATMs (domestic) and Point of Sale terminals.
  • RBI has asked all banks, card issuing companies to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.

RBI has also taken it to their twitter account saying –

@RBI Kehta Hai..
Secure your card.
– Set daily limit for transactions
– Set limits for Domestic or International use
– Turn On/Off International Usage
This limits loss due to fraud and keeps your expenses in check
#BeAware #BeSecure
#rbikehtahai #StaySafe

In an apparent endeavour to make digital payments using debit cards and credit cards more secure, several new guidelines have been issued by Reserve Bank of India (RBI) that will come into effect from October 1, 2020. 

The guidelines are as follows:

  • The RBI has directed all banks to not unnecessarily give international facilities to customers’ cards, unless the customer himself demands it. The move is aimed to stop increasing fraudulent transactions using debit and credit cards.
  • The debit and credit card services will only be authorized for transactions at ATMs (domestic) and Point of Sale terminals.
  • Both debit and credit holders will now be permitted to set up transaction limit.
  • As per new reforms, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions.
  • Card holders will also get the option to enable or disable the NFC feature also.
  • RBI has asked all banks, card issuing companies to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.
  • The card holders will have option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce or NFC.

For managing the services of  your debit/credit cards follow these steps:

  1. First of all, one has to log in to their bank account through mobile or netbanking.
  2. Then go in the Cards section and select ‘manage cards’. 
  3.  One will see two option: domestic and international. 
  4. Choose the option in which you want to make changes. 
  5. If one wants to close any particular transaction then turn it off, if one wants to start then turn it on. 
  6. If one wants to limit the transaction, they can also do it according to their need.

Tanvi Bhamare

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