If you have not done online transaction even once with your Debit Card or Credit Card, then this news is important for you. The Reserve Bank of India (RBI) order can be implemented from March 16, after which you will not be able to transact online with your debit or credit card. Several measures were announced to increase security and convenience. While the RBI had told banks that when they issue debit or credit cards to a customer, only domestic ATMs, and PoS in them. Transactions from terminals should be facilitated. In addition, for international transactions, online transactions, card-not-present transactions, and contactless transactions, customers will start this facility for their own cards separately.
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These new rules of RBI can be applicable from 16 March 2020 on newly issued debit and credit cards. Those who already have a card, will decide for themselves which feature they have to disable. For existing cards, the card-issuing banks will assess the risks and decide whether to facilitate card not present (domestic and international) transactions, international transactions and contactless transactions. People who already have a debit or credit card and have not used their card online or for international or contactless transactions can be mandatorily disbursed for those purposes.
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Customers can turn their credit or debit card transaction limits on or off 24x7 through the mobile application, internet banking, ATM or interactive voice response (IVR) whenever they want. Card issuing banks or financial institutions will provide consumers with the facility through which they can limit or change transactions for domestic and international, PoS, ATM, online transactions or contactless transactions. These RBI rules applicable on March 16 are not mandatory for prepaid gift cards. This step of RBI is important given the increasing incidence of cyber fraud.
