In the annual report released by the RBI i.e. Reserve Bank of India, the use of the card has been increasing since the last few years. The Reserve Bank has been continuously taking steps to increase safety in card transactions. In this episode, the RBI has issued new rules related to ATM cards i.e. debit cards and credit cards. RBI has asked banks to allow only domestic cards to be used at ATMs and PoS at the time of issuing cards in India. In a statement issued by the RBI, it is said that separate approval has to be taken for international transactions. Apart from this, for online transactions, non-card transactions and contactless transactions, customers have to set up the services on their card separately. These new rules were released in January. But given the extraordinary situation due to the Kovid-19 epidemic, card issuers have been given time until 30 September 2020 to implement them.
Know about the new rules of debit and credit issued by RBI
(1) RBI has told banks that now customers should allow domestic transactions while issuing debit and credit cards. It is clear that if there is no need, then do not allow money to be withdrawn from the ATM machine and do not allow foreign transactions for shopping at POS terminals.
(2) For international transactions, online transactions and contactless card transactions, customers have to separately register their preference for this. This means that if the customer needs it, then only he will get this service, that is, he will have to apply for it.
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(3) For existing cards, issuers can take a decision based on their risk perception. This means that whether you want domestic transactions or international transactions with your card. The customer can decide this at any time and what service he has to activate and which activator
(4) Customer can change the limit of his transaction at any time 24 hours a day. If you put it in simple words, now you can set your ATM card by going to mobile app, internet banking, ATM machine, and anytime its transaction limit through IVR.
(5) The new rules related to ATM cards and credit cards issued by RBI will be applicable from 30 September 2020.
