Epaper
Follow us:
Home > Business > RBI directs banks that credit, debit card users can enable, disable
RBI directs banks that credit, debit card users can enable, disable | RBI directs banks that credit, debit card users can enable, disable | English.Lokmat.Com

RBI directs banks that credit, debit card users can enable, disable

To improve user convenience and increase the security of card transactions,the Reserve Bank of India (RBI) has asked all banks to give card users, credit and debit, the facility to enable/disable their cards for different types of use.
RBI directs banks that credit, debit card users can enable, disable

These include online, physical, contact-less domestically or internationally. Over the years, the volume and value of transactions made through cards have increased manifold. To improve user convenience and increase the security of card transactions,RBI has come out with these norms.

Card issuers have also been asked to allow card holders to modify transaction limits within the overall card limit for all types of transactions -domestic and international at PoS, ATMs, online transactions and contactless transactions.

RBI has directed banks and other card issuers to enable cards only for use at contact based points i.e. ATMs and Point of Sale (PoS) devices within India at the time of issue of the cards. This means that when a card is issued it will, by default, only be usable to physically swipe at a PoS or at a ATM. It would not be enabled for use online or for contact-less transactions.

The facility on a 24x7 basis through multiple channels - mobile application / internet banking / ATMs / Interactive Voice Response (IVR); this may also be offered at branches / offices.

RBI has mandated that issuers provide alerts / information / status, etc., through SMS / e-mail, as and when there is any change in status of the card.

The provisions of this circular are not mandatory for prepaid gift cards and those used at mass transit systems.

Issuers shall provide cardholders a facility for enabling card not present (domestic and international) transactions, card present (international) transactions and contactless transactions.

For existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, card present (international) transactions and contactless transaction rights. Existing cards which have never been used for online (card not present) / international / contactless transactions shall be mandatorily disabled for this purpose.

( With inputs from IANS )

RBI directs banks that credit, debit card users can enable, disable
Slowdown Pangs: India's Dec exports fall, imports down 8.83% (Roundup)
Anti-trust probe ordered against Asian Paints
Did Washington Post's editorial stand cost Jeff Bezos a meeting with PM?
Bezos' Day Out: Roaring welcome, $1 bn investment, traders' protest