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Wednesday, October 28, 2020

New debit card, credit card rules: Everything you need to know

RBI New debit card, credit card rules: The new RBI guidelines for credit and debit cards hold significance because of the rising instances of online fraud cases and are aimed at making debit and credit cards more secure, reliable and curb any misuse.

By: Express Web Desk | New Delhi | Updated: October 1, 2020 5:01:24 pm
Visa Inc. credit and debit cards are arranged for a photograph (Photographer: Andrew Harrer/Bloomberg)

In a bid to make transactions through debit cards and credit cards more secure and convinient, the Reserve Bank of India (RBI) has issued new guidelines that have come into effect from today (October 1, 2020).

These measures hold significance due to rising instances of online fraud cases and are aimed at making debit and credit cards more secure, reliable and curb any misuse.

As per these new guidelines, credit card and debit card users will now be allowed to set their preferences, i.e. they can opt-in/out of services, set their transaction limits and so on.

Here’s a look at what all changes come into effect from October 1:

  • All new credit and debit cards issued by the banks will be only enabled for domestic transactions at ATMs and point of sale (PoS) terminals.
  • All the debit card and credit card users from now on are allowed to set up transaction limits.
  • Card users now have an option to opt-in or opt-out of services on their credit/debit cards such as online transactions (e-commerce), international transactions, and contactless transactions (NFC-based).
  • RBI has asked all the banks and card issuing companies to disable online payments for all those debit and credit cards which have never been used for online or contactless transactions in India or abroad.

Those who are looking to opt-in or make any changes to their existing debit/credit cards can do so by heading to their respective bank’s mobile app or internet banking, after entering their user id and password, they have to go in the cards section and click on manage cards, after this, they can make all the necessary changes as per their choice.

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