The Reserve Bank of India (RBI) is going to change the rules related to debit and credit cards. The Reserve Bank was already going to change the rules for their use, but it was postponed for a few months due to the coronavirus epidemic. Now these rules will change. These were to be implemented from January first. Know what are the changes in the rules.
Must decide Transaction Priority
under instead be rules will now customers have to enter your preference of international transactions, different for online transactions and transactions with contactless cards. This means that the customer will have to apply for the service that will be required.
Domestic Transaction Permit The
RBI has asked banks that when issuing debit and credit cards, customers should now allow domestic transactions. This means that if there is no need, withdrawing money from the ATM machine and shopping at the POS terminal will not allow foreign transactions.
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Customers can decide their needs
Now the customer can decide what type of transaction he needs and can get the facility on the card accordingly. This means that the customer wants to make a domestic transaction with his card or an international transaction, he can decide at any time.
Can activate-deactivate service
According to the changing rules, the customer can decide according to his need which service to activate and which deactivate. Apart from banks, customers will also get the facility.
Customer can change transaction limit
Under the new rules, customers can change their transaction limit at any time. This facility will be available for seven days and 24 hours. Customers can decide their transaction limit for ATM card through mobile app and Internet banking. They can also do this by going to the ATM or through IVR.
Since when these rules have been in force
, the new rules related to ATM cards and credit cards issued by RBI will come into effect from 30 September 2020. Now it is not possible to extend them further.
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