In an apparent attempt to make digital payments using debit cards and credit cards more secure, several new guidelines have been issued by Reserve Bank of India (RBI) that will come into effect from October 1, 2020.
The RBI had directed all banks to not unnecessarily give international facilities to customers’ cards, unless the customer himself demands it. The move is aimed to stop increasing fraud transactions using debit and credit cards.
Let’s take a look at what all changes when RBI’s new guidelines are effective from October 1.
- As per new guidelines, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions.
- The debit and credit card servies will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals.
- Both debit and credit holders will now be allowed to set up transaction limit.
- The card holders will have option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce or NFC.
- RBI has asked all banks, card issuing companies to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.
- Card holders will also get the option to enable or disable the NFC feature also.
Here’s how to manage debit card-credit card services:
1. First of all, you have to log in to your bank account through mobile or netbanking.
2. Then go in the Cards section and select ‘manage cards’
3. You will see two option: domestic and international
4. Choose the option in which you want to make changes
5. If you want to close any particular transaction then turn it off, if you want to start then turn it on
6. If you want to limit the limit of the transaction, you can also do it according to your need.