Debit and credit card rules changed, Know this new guidelines of RBI

01 Oct, 2020

RBI New Debit Card, Credit Card Rules: If you use debit and credit cards, then it is important for you to know about this news. The Reserve Bank of India (RBI) is going to change the rules related to debit and credit cards. These changes are related to your international transactions, online transactions and contactless card transactions. It was implemented on 30 September 2020. Also, some special services found on debit-credit cards will be discontinued. Meaning that you will not get this service from October 1 2020 (today). This service will be closed to all the customers of the bank. The country's largest banks, State Bank of India (SBI), ICICI and HDFC Bank have also sent messages to their customers for this. 

The Reserve Bank had ordered all banks to stop increasing fraud on debit and credit cards, so that they do not unnecessarily give international facilities to customers' cards, unless the customer himself demands it. Due to Covid-19, credit and debit card holders got time, otherwise these rules were already in force.

What is RBI's guideline?

1. After the new rules come, you have to set priority for international transactions, domestic transactions, online transactions, transactions with contactless cards. This means that if the customer needs it, then he will get this service, he will have to apply for it.

2. Now customers can change their transaction limit themselves. You can change the limit of your card at any time through mobile app, internet banking, ATM machine or IVR. This facility will be available 24 hours and seven days. now you will be able to decide the transaction limit of your ATM card yourself.

3. Customers should be provided with the facility that they can avail foreign transactions on their card anytime. The customer should also be given the right to activate or remove any service on his card. This means that customers decide which service to activate and which service to activate.

4. RBI has told banks that now customers should allow domestic transactions while issuing debit and credit cards. This means that if there is no need, foreign transactions should not be approved for withdrawing money from ATM machines and shopping at POS terminals.






 

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