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RBI Has Changed The Rules For Debit Card and Credit Card

If you pay with Debit Card and Credit Card, then read this news carefully. The Reserve Bank of India has today issued new rules for these. According to this, if you have not done online transactions before then debit and credit cards will be disabled. That is, now you will be able to use only those features which are included in your need from the card. These rules will not apply to prepaid gift cards and cards that are used in mass transit systems. This new rule for debit and credit cards will come into effect from 16 March.

Debit Card and Credit Card

It has also provided that now banks will have to ensure that all the cards are enabled for domestic transactions while issuing new cards. That is, those cards that you use an ATM and POS Terminals will be enabled in India only. While issuing the notification, the RBI has informed about this new rule.

RBI has also stated that the use of all cards (physical and virtual) within the Indian border will be enabled only on the contact base at the time of issue or re-issue. This will decide based on the usage of those cards. RBI has said that the current cards which have never used for online transactions before, will be disabled for this facility. Debit Card and Credit Card.

In This Case, The Cards Will Disabled

RBI has clarified that if the customer wants to do online transactions, international transactions or contactless transactions with their card then they have to apply for this service separately. But if a cardholder has never used his card for online transactions, international transactions or contactless transactions in the past, his cards will be disabled for these facilities.

Will Have To Apply In A Bank

Customers desirous of these facilities will have to apply to the bank. For those whose cards are still in circulation, banks will decide how. And when their cards disabled within the country and for international. Online and contractual transactions.

RBI New Rule For Debit Card and Credit Card

– Banks have to ensure that cardholders can ‘switch on’ or ‘switch off’ online transactions. International transactions and contact transactions at ATMs and PoS terminals.

– The person can also set his own limit for all types of transactions in ATMs.

– Customers should also have the option of selection in these services through 24X7 mobile application, net banking.

– Banks have to inform the customers about any change in the status of the card through SMS or email alerts.

Spot News 18 Team
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