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RBI Eases Norms For Online Transactions Up to Rs 2000

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The Reserve Bank Of India has relaxed norms for online card transactions up to Rs 2000. 'The AFA (additional factor of authentification) requirement for transactions up to Rs 2000 for online CNP transactions for the 'payment authentication solutions' provided by authorized card networks with the participation of respective card issuing and acquiring banks is being relaxed', said RBI.

 

''Only authorized card networks will provide such payment authentication solutions with the participation of card issuing and acquiring banks'', said RBI.

RBI Eases Norms For Online Transactions Up to Rs 2000

''The relaxation for AFA under such solutions shall be applicable for card not present transactions for a maximum value of Rs 2,000 per transaction across all merchant categories. Banks and card networks are free to facilitate their customers to set lower per transaction limits'', Said RBI.

''Beyond the transaction limit of Rs 2000, the card not present transaction has to necessarily be processed as per the extant instructions with mandatory AFA; even for transaction values below this limit, the customer may choose to make payment using other forms of AFA as hitherto, suitable velocity checks (i.e., how many such small value transactions will be allowed in a day / week / month) may be put in place by banks/card networks as considered appropriate'', said RBI. There is no change in the existing chargeback process.

 

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Read more about: online rbi cnp money transaction
Story first published: Wednesday, December 7, 2016, 11:52 [IST]
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