Millions of people across the country are using online transactions and plastic money. In this case, the cases of banking fraud are also increasing continuously. These days, attacks on bank accounts by hackers have become quite common. Many people have lost crores due to banking fraud, but banks are constantly taking steps to protect customers from such fraud. In this series, the Reserve Bank of India has now taken a big step. In order to protect customers from banking fraud, RBI has taken a big step towards securing debit and credit cards. Which will also be implemented from the month of October. Under these new rules, now credit and debit cards will be used only for domestic transactions, ATMs and point of sale. If customers want to use credit and debit cards for international transactions, then a procedure has to be followed. So let us tell you the new rules of RBI.
This is RBI’s new rules
1. According to RBI, from October 1, all debit and credit cards can only be used for domestic transactions at ATMs and Point of Sale. It also includes new cards.
2. If you want to avail the remaining facilities associated with card hold debit and credit cards. So they have to contact the bank directly and take the facility of online transaction, international transaction and contactless transaction from the bank. For which an easy process has been created.
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3. There are thousands of people who also use the card for international transactions. Such people will now have to take this facility from the bank. Earlier, the bank used to offer this default on the new card, but from October 1 this facility has been discontinued.
4. Since October 1, banks now have the right to issue new cards to all customers. But this decision will be entirely by the bank.
5. The bank has similar facilities after the new RBI regulations. Now, if the bank wishes, it can stop online transactions, international transactions or contactless transactions of those customers. Customers who do not use this facility.
6. Following the RBI’s new rules, card holders also have many facilities. Now customers can turn on or off the special facility as per their choice. Now the card holder has to decide whether he wants to stop or start ATM transaction, online transaction or other facility.
7. Implementing the new rule, RBI said that customers will also have the option to set the transaction limit on their card.
8. A 24 × 7 mobile application will be provided for these features of the customers. In fact, RBI has asked banks to provide 24 × 7 mobile application to change bank limits, stop or start some services, etc. This facility will also be available at bank branches and ATMs.
9. Near field communication ie NFC technology based cards are also offered to the customers by the bank. The advantage of this card is that the customer does not need to swipe the card. It is also called contactless transaction but under new RBI regulations, cardholders will now have the option to discontinue the NFC feature as well.
10. The new rules will not apply to prepaid gift cards and cards used in mass transit systems. RBI has also given information about this.
