Coronavirus was not implemented earlier due to epidemic now it will be implemented from the same month
If you use debit and credit cards, it is important for you to know about this news. The Reserve Bank of India (RBI) is going to change the debit and credit card rules. The changes will be applicable from 30th September 2020. These changes are related to your international transactions, online transactions and contactless card transactions. Let us say that the credit and debit card holders got time because of the Kovid-19 epidemic, otherwise these rules were already going to be implemented.
Changes made only in January
In debit and credit card rules, the Reserve Bank of India had made changes in January this year, but they were not implemented because of the coronavirus epidemic. The Reserve Bank has given time of 30th September, 2020 to enforce these rules. Learn what happened in the rules.
Find out about the new rules that change from September 30
After the new rules come, you need to set the priority for international transactions, domestic transactions, online transactions, transactions from contactless cards. This means that if the customer needs it, only he will get this service, that is, he will have to apply for it.
Also Read: Important ⚠️ SBI to change ATM cash withdrawal rules from September 18, Check Details Now
Now customers can change their own transaction limit. You can change the limit of your card at any time through mobile app, internet banking, ATM machine or IVR. This facility will be 24 hours and seven days. That is, you will now be able to set your ATM card to the mobile app, internet banking, ATM machine, and its transaction limit at any time through IVR.
Customers should be provided with the facility that they can avail foreign transactions on their cards at any time. The right to activate or remove any service on your card may also be given to the customer. That is, decide which service customers have to activate and which service to deactivate.
RBI has asked banks to allow domestic transactions to customers now while issuing debit and credit cards. This means that if there is no need, withdraw money from the ATM machine and do not allow foreign transactions for shopping at the POS terminal.
More debit use instead of credit in lockdown
According to data released by the Reserve Bank of India on debit and credit card expenses, in the month of June this year, people in the country made a credit card purchase of Rs. 42,818 crore through credit cards, while in January this year, a shopping of Rs. 67,000 crore was made through credit cards. If viewed by transactions, credit cards were used for transactions 125 million times in the month of June, while the first month of Coronavirus and lockdown used 203 million times in january. In january, debit cards were used 45.8 crore times as against 30.2 crore times in June. According to RBI data, there is a credit card on every 15 debit cards in the country.
