If you are using debit and credit cards then this information is very useful for you. In a bid to make transactions through debit cards and credit cards more secure and convenient, the Reserve Bank of India (RBI) has issued new guidelines affected from October 1, 2020. In recent time there are many complaints registered regarding online fraud from debit and credit card. RBI has issued new guidelines on the use of debit and credit cards to minimize these frauds .
As Per RBI Guidelines,
All new credit and debit cards issued by the banks are only enabled for domestic transactions at ATMs and point of sale (PoS) terminals.
All the debit card and credit card users from now can set up transaction limits. Card users now have an option to opt-in or opt-out of services on their credit/debit cards such as online transactions (e-commerce), international transactions, and contactless transactions (NFC-based).
RBI has asked all the banks and card issuing companies to disable online payments for all those debit and credit cards which have never been used for online or contactless transactions in India or abroad.
If you are looking to make any changes to your existing debit/credit cards, you can do on your bank’s mobile app or internet banking, after login by choosing card section and choose manage cards, after this, make all the necessary changes as per your choice.
