Take a Look at the RBI’s New Debit card, Credit card Laws, Starting from Today

These guidelines have been issued under Section 10 (2) of the Payment and Settlement Systems Act, 2006, the Reserve Bank said.

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New Delhi: Reserve Bank of India (RBI) Latest Updates: The Reserve Bank of India has issued a number of guidelines to make digital payments more secure using debit cards and credit cards. All these guidelines are being implemented from today. Let’s take a look at all the details

1. At the time of issue or reissue, all debit or credit cards should be used only at ATMs and Point of Sale (POS) in India.

2. If the customer wants to use his debit or credit card outside the country, he has to request his bank.

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3. In the case of debit and credit cards, the issuer has to consider the risk factor and decide whether the card will be used for domestic and international transactions and for unconnected transactions.

4. The RBI has asked all banks and institutions that have issued cards to stop using online payments for cards that have never been used for online or unconnected transactions in India or abroad.

5. From now on, customers will be able to choose between opt-in or opt-out services, online transactions with spend limit, international transactions and various services of non-connection transactions.

6. Through mobile application/internet banking / ATM / interactive voice response or IVR, customers will get 24X7 opportunity to switch the transaction limit on or off.

7. Many banks are issuing cards using Near Field Communication (NFC) technology. No merchant has to sweep or insert such card in POS terminal. Their other name is Contactless Card. Customers can decide whether to turn on the NFC feature or not.

8. Those who have both debit and credit cards can fix the transaction limit.

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9. The new rules will only apply to debit and credit cards. It does not cover prepaid gift cards or cards used in various transit systems like Metro.

10. These guidelines have been issued under Section 10 (2) of the Payment and Settlement Systems Act, 2006, the Reserve Bank said.

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