For Quick Alerts
For Daily Alerts

RBI Eases Norms For Online Transactions Up to Rs 2000


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.

How To Transfer Money Through IMPS, NEFT and RTGS?

Read more about: online rbi cnp money transaction
Story first published: Wednesday, December 7, 2016, 11:52 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more