The new provisions issued by RBI apply to new and existing users of the card, Existing cards that have never been used for online / international / contactless transactions must be disabled while those who use new cards must opt for services specifically
On Monday, the Reserve Bank of India issued new rules for issuing / releasing credit and debit cards to improve user convenience and enhance card transactions security.
The new provisions issued by RBI will be applicable to both new and existing card users
Here are some of the key provisions.
Banks were asked at the time of card issuance to allow only domestic card transactions at ATMs and PoS terminals in India.
Customers will have to set up services on their card separately for international transactions, online transactions and contactless transactions, which means that the customer will have to specifically opt in to set up those services on their card.
For existing cards, issuers may decide whether to disable the non-present (domestic and international) card transactions, international transactions, and contactless transaction rights, based on their perception of risk. For this purpose, existing cards that were never used for online / international / contactless transactions must be disabled.
Users will have 24/7 access to switch on / off or change all transaction limits through all available channels — Mobile App / Internet Banking / Interactive Voice Response (IVR).
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Rules will enter into force as from March 16, 2020.
Issuers shall provide all cardholders with the facility to switch on / off and set / modify transaction limits for all types of transactions – domestic and international, at PoS / ATMs / online transactions / contactless transactions, etc.
The provisions for prepaid gift cards and those used at mass transit systems are not mandatory.
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