News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
RBI issues new rules for Debit / Credit Cards
PrintThe new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and credit cards.
RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.
These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features.
As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.
Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from March 16.
The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.
If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.
Issuers shall provide to all cardholders facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions — domestic and international, at PoS/ATMs/online transactions/contactless transactions, etc.,
The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.
The latest instructions come in the wake of rising instances of cyber frauds and the huge increase in the use of cards. #casansaar (Source - IANS)
RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.
These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features.
As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.
Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from March 16.
The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.
If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.
Issuers shall provide to all cardholders facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions — domestic and international, at PoS/ATMs/online transactions/contactless transactions, etc.,
The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.
The latest instructions come in the wake of rising instances of cyber frauds and the huge increase in the use of cards. #casansaar (Source - IANS)
Category : RBI | Comments : 0 | Hits : 1169
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments