Major changes in credit and debit cards, what the Modi government said

[ad_1]

BanglaHunt Desk: Online fraud has already increased in the country due to lockdown. Several online fraud cycles have already been activated. The Reserve Bank of India (RBI) has introduced several restrictions on debit and credit cards to make transactions safer than ever. From now on, debit and credit cards can be used only at ATMs and Point of Sale (POS).

At the same time there are several instructions,

If you want to use the card abroad or make any international transactions through the card, you need to get separate permission from the bank.

From now on, the convenience of online transactions will no longer be available.

In case of non-contact transactions, separate permission should be obtained from the bank.

The bank will contact those who are using the old card at this time and whether they wish to continue the service. And for new customers, this service will not be active on their card initially. In order to use this service, they have to apply.

Those who currently have the card will decide on their own risk that they want to disable their domestic and international card transactions. It will be compulsory to discontinue the benefits of cards not yet traded online / international / non-contact.

Customers can turn their cards on / off or change the transaction limit 24 hours a day, seven times a day. For this, they can use mobile app or internet banking or ATM or IVR.

Banks will now allow their customers to change the domestic and foreign transactions limit for POS / ATM / online transactions / non-contact transactions. In addition, banks must also allow the card to switch off and switch. These new rules do not apply to prepaid gift cards and metro cards.

General Chat Chat Lounge

[ad_2]