RBI Issues New Guidelines For Card Holders Effective Oct 1


The Reserve Bank of India (RBI) has issued new guidelines for debit and credit card users in order to make transactions more secure and prompt users to be more discipline towards their finances. The new rules will be effective from October 1.

In regards to the same, several banks in the fast few days have been sending out messages informing the customers that online transactions on their debit and credit cards will be turned off by September 30.

Below are the guidelines issued by RBI :

1. The RBI has asked all banks and other card-issuing companies to disable online payment services of all debit and credit cards which have never been used for digital payment — in India or abroad.

2. The move is aimed at reducing card-cloning frauds.

3. Under this new rule, card-holders will be able to choose their daily spending limits, withdrawal limit from ATM etc.

4. Card holders will also have the option to allow or not allow some services on their cards like ATM, e-commerce etc.

5. All debit and credit card holders will come under these new guidelines.

To summarise all the points above, a cardholder can set separate limits for each channel such as ATM, PoS, NOC and put a cap on online card transactions and international spending.

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Pratidin Time