Customers will no longer have to mention the 16-digit number of their credit or debit card when buying anything online from companies like Amazon, Flipkart or Netflix. So everyone has to do the exercise of remembering this number. The RBI’s new rules are expected to take effect in January.
According to high-level sources, the new rules were to be implemented by the Reserve Bank from July. However, as the banks were not ready for it, it was decided to implement the new rules in another six months.
To ensure that no one steals or misuses customer information, a new rule will be enacted to specify the 16-digit number of the debit card.
The central government has been planning various measures for the last few years to control black money.
As part of this, the Reserve Bank has issued new rules.
Be dealing with regulation
- Credit card, all these measures are to be yasathihi regulation of debit card transactions.
- The Reserve Bank insists that the new rules be implemented as soon as possible.
- The trend towards UPI system may increase
- the rule of mentioning 16 digit numbers may make the transaction through credit or debit card take some time longer.
- This may increase the tendency of people to shop online through the UPI system which does not ask for much customer information.
Limitations on the storage of information
- Companies base their marketing strategies on the customer base based on the information they have stored.
- With the introduction of new RBI rules,
it will not be possible for companies to store customer card information after a certain period of time.
