In view of the increase in banking fraud cases, the Reserve Bank of India has issued a guideline to secure debit and credit cards. These changes will come into effect on 1st October 2020. RBI has issued new rules for debit and credit cards to improve the security and convenience of card transactions.

According to the new guideline, card users will now be able to file preferences (opt-in or opt-out of services, spending limits, etc.) for international transactions, online transactions as well as contactless card transactions. Therefore, debit and credit cards issued by banks will be able to transact domestic transactions only at ATMs and Point of Sale (POS) terminals. Banks can deactivate existing cards and reschedule them based on the perception of risk.

RBI has asked all banks and other card issuing companies to deactivate the online payment service of all debit and credit cards, which have never been used for online or contact-free transactions at India and the international level. If the cardholder wants to use a credit or debit card outside India, they will have to ask the bank to enable international transactions.

Experts believe that the new facility will reduce the manipulation of card cloning. Cardholders can enable and disable nfc (contactless) facility, which has a daily limit of Rs. 2,000 per day without pin at present. The cardholders will also be able to set a limit on all transactions.

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