Credit Card & Debit Card New RBI Rules: Recently, the Reserve Bank of India (RBI) has made some significant changes in the principles of using credit cards and debit cards. All government and private banks will accept these changes at the behest of the Reserve Bank of India, so all credit cards and debit cards are required to be known to the consumers about these changes. The changes associated with International Transaction, online transaction and contactless card transaction are going to come into effect from September 30. Let us say that these rules were already going to be implemented, but because of the Corona virus (Covid-19), consumers got a little time but now this rule will be implemented from 30th September.
Changes were made in January itself
In a way, rbi had made some changes in the rules for credit card and debit card users to reduce the number of online friends that continued to grow day by day. Keeping in view the security, the Reserve Bank of India had made these changes in January itself. But these changes could not be implemented due to corona virus. But now the government has started the unlock process after the lockdown, and gradually all is becoming normal, now these changes will also be implemented from 30th September.
Learn what will change?
The Reserve Bank of India has shared information about these changes in debit cards and credit cards, which are as follows.
• Customers will be able to change their transaction limits themselves. Transaction limit can be changed at any time through IVR with mobile app, internet banking, ATM machine. The facility will be provided 24 hours and seven days by banks.
• After the introduction of the new rules issued by RBI, the priority for international transactions, domestic transactions, online transactions, transactions from contact-less cards will have to be set.
• After the rules are implemented, the customer will be able to avail any foreign transactions at any time. In addition, he will be able to activate and deactivate his services whenever he wants.
• Customers should now be allowed domestic transactions when issuing debit cards and credit cards. Foreign transactions will not be allowed to withdraw money from atm machine and shopping at POS terminal if not required.
Use of more debit cards in lockdown
Recently, some of the airs have come to the fore, according to which a purchase of Rs. 42,818 crore was made in the country in the month of June with a credit card, while a purchase of Rs. 67,000 crore was made from debit cards. In June, 12.5 crore times the credit card was used for transactions, while debit cards were used 30.2 crore times. In January, 20.3 crore times the use of credit cards and 45.8 crore times debit cards were used.
