CREDIT,DEBIT CARD-RULES-CHANGE-FROM-CHECK-FULL-IMFORMATION-DETAILS-HERE

CREDIT,DEBIT CARD-RULES-CHANGE-FROM-CHECK-FULL-IMFORMATION-DETAILS-HERE

 Credit, debit card rules changed from today: Check details here:

01 Oct 2020: Credit, open-end credit rules changed from today: Check details here


In a bid to form online transactions safer and promote digital payments, the reserve bank of India (RBI) has changed several rules pertaining to credit and debit cards, which can come into effect from today, October 1.



Tellingly, the banks are ordered to not extend international facilities to customers until specifically demanded.


Here's everything you would like to understand the new rules.


Details: Credit/debit cards meant to be used at only Indian ATMs


Now, customers are going to be ready to choose services, linked to online, international, and contactless transactions, as per their liking.


RBI said that the re-issued or new debit and credit cards are often used only at domestic ATMs and Point of Sale (PoS) devices within India.


If customers got to use cards abroad, they're going to need to request their banks.


Details: Customer can change the preferences anytime they went  


Further, RBI ordered banks to disable credit and debit cards, which haven't been used for transactions, within India or abroad.


The option to enable or disable services, change transaction limits are going to be available around the clock, as per the new rules.


Consumers can catch on done through any of the available channels like mobile apps, ATMs, or Interactive Voice Response (IVR).


Option: Customers can cop-out of "contactless card transactions" also well


RBI also provided card-holders with the power of opting out of the NFC feature. Short for Near Field Communication, this technology lets customers make transactions without inserting the cardboard within the machine. This feature sparked fears about illegal transactions.


"These directions are issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007)," the highest bank said.


Benefits: the present rules will make online transactions safer, feels expert


About RBI's directions, IndiaLends CEO Gaurav Chopra said the principles will restrict international usage and ensure no mishap happens.


"Many international e-commerce websites neither asks for a CVV pin nor sends a one-time-passwords (OTP) to verify the transaction," he told CNBC.


Moreover, since customers can set limits on transactions, the damage can be mitigated just in case their cards are stolen or lost, he explained.


Fact: New rules will save time, explained another expert


Similarly, Rajesh Mirjankar, director and Chief executive officer, Infrasoft Tech., said the new guidelines will save the time of both customers and banks. He said an individual traveling abroad can activate the "international transactions" option easily and deactivate an equivalent upon return.


Guide: A step-by-step guide the way to change preferences


In case you're informed by a bank that your card's services have stopped, you'll restart them through net banking.


All you need to do is log in to your account, search for "services" within the menu section, and look for ATM cards. a replacement window will allow you to change domestic and international specifications.


Importantly, credit card spending limits will remain unchanged

"CREDIT,DEBIT CARD-RULES-CHANGE-FROM-CHECK-FULL-IMFORMATION-DETAILS-HERE"

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