RBI direct banks to give credit, debit card users facility to enable, disable their cards
Banking News: RBI has asked all banks to give card users, credit and debit, the facility to enable/disable their cards for different types of use.
)
08:33 AM IST
Banking News: To improve user convenience and increase the security of card transactions, the Reserve Bank of India (RBI) has asked all banks to give card users, credit and debit, the facility to enable/disable their cards for different types of use. These include online, physical, contact-less domestically or internationally. Over the years, the volume and value of transactions made through cards have increased manifold. To improve user convenience and increase the security of card transactions,RBI has come out with these norms.
Card issuers have also been asked to allow card holders to modify transaction limits within the overall card limit for all types of transactions -domestic and international at PoS, ATMs, online transactions and contactless transactions.
See Zee Business Live TV streaming below:
RBI has directed banks and other card issuers to enable cards only for use at contact based points i.e. ATMs and Point of Sale (PoS) devices within India at the time of issue of the cards. This means that when a card is issued it will, by default, only be usable to physically swipe at a PoS or at a ATM. It would not be enabled for use online or for contact-less transactions.
The facility on a 24x7 basis through multiple channels - mobile application / internet banking / ATMs / Interactive Voice Response (IVR); this may also be offered at branches / offices.
RBI has mandated that issuers provide alerts / information / status, etc., through SMS / e-mail, as and when there is any change in status of the card.
The provisions of this circular are not mandatory for prepaid gift cards and those used at mass transit systems.
Issuers shall provide cardholders a facility for enabling card not present (domestic and international) transactions, card present (international) transactions and contactless transactions.
For existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, card present (international) transactions and contactless transaction rights. Existing cards which have never been used for online (card not present) / international / contactless transactions shall be mandatorily disabled for this purpose.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
8th CPC Revised Pension Estimates: What can be revised pension for Level 2, 4, 6, 8 and 10 employees at 2.08 and 2.57 fitment factors in 8th Pay Commission?
)
Power of Rs 13,000 SIP: How long will it take to turn Rs 13,000 monthly investment into Rs 5,00,00,000 corpus?
)
Top 5 Midcap Mutual Funds With Best SIP Returns in 7 Years: Rs 13,000 monthly SIP in No. 1 fund has led into Rs 31.02 lakh wealth
08:33 AM IST