Double-check’ system for credit cards use
Posted on: 25/Aug/2014 2:42:14 PM
Reserve bank of India has emphasised the need for introduction of a ‘double-check’ system for all transactions through credit cards.
Many transactions in the current procedure of ‘only one’ check on the transactions has become suspect. So. RBI has recommended a double-check system.
Some establishments transact with the customers without proper checking on the credit card transactions. This creates a lot of scope for mal-operations. Such transactions sometimes result in loss of foreign exchange for the government. A ‘double check’ system will prevent this.
