After cheques, RBI says certain debit cards need to be discontinued

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RBI says certain debit cards need to be discontinued
Close on the heels of issuing guidelines for the use of CTS compliant cheques, the RBI has now said that all debit cards without PIN number will have to be PIN compliant.

These will also include co-branded debit cards where there is an immediate debit to the customers' account, and where straight through processing is involved.

Banks which are presently issuing offline debit cards may conduct a review of their offline debit card operations and discontinue operations of such cards within a period of six months from the date of this circular.

The RBI also said that with a view to reducing the instances of misuse of lost/stolen cards, banks may consider issuing cards with photographs of the cardholder or any other advanced methods that may evolve from time to time.

Read more about: banks, rbi, debit cards
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