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New Debit/Credit Card Rules Come Into Effect From March 16: Here's Everything You Should Know

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To safeguard bank customers against different debit or credit card frauds, RBI few days back has come out with new rules. Accordingly, new debit and credit cards will only be enabled for PoS and transactions at ATMs. And for other specific transactions such as for carrying online or international transactions via these cards, customers will need to specifically visit the bank. At the time of issue/re-issue, all cards (physical and virtual) shall be enabled for use only at contact based points of usage within India," RBI said.

New Debit/Credit Card Rules: Here's Everything You Should Know
 

So, for contactless, card-not-present transactions also, customers would need to get these services activated on their debit or credit cards. And these shall not be available

It is to be noted that new norms have been introduced as part of Section 10(2) of the Payment and Settlement Systems Act, 2007. Further the new rules will be applicable from March 16, 2020. So, with the new rules, users or holders of these bank- issued cards at their discretion can enable or disable or in other words can switch on or off some of the features of their card.

Also, at the same time, banks have been advised to float message either via SMS or e-mail on every such occasion where there is change in the status of the card.

In respect of the existing cards whether the switch on or off will be applicable?

In case of debit and credit cards that are already in use, banks at their discretion based on the risk perception will decide on whether to disable certain transactions. Further, cards that have never been used for online (card not present)/ contactless/ international transaction will be mandatorily disabled.

Transaction limit

From the overall limit, the cardholder can modify transaction limit for different purposes such as for online, contactless, international, PoS transaction etc. The service should be made available round the clock through any of the channel such as bank app, IVR, net banking, ATM, bank branch etc.

GoodReturns.in

Story first published: Friday, January 24, 2020, 14:34 [IST]
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