RBI announcement to credit/debit card users!
Posted on: 17/Jan/2020 7:07:38 AM
With an objective to improver the user’s facilities and also to improve the safety of credit/debit cards, The Reserve Bank of India has asked all the banks to furnish the credit/debit details of the card users.
Obline transactions, domestic credit/debit cards and international credit cards are included in the above request.
Over the last few years the quantum of transactions done through credit/debit cards has increased manifold!
The Reserve Bank of India has undertaken this initiative to improve the facilities of the card users as well as increase the safety of the cards.
The banks have been asked to permit the card users by revising the limits/regulations of the credit/debit card usage permissible limit to allow all the online, ATM, and the contactless transactions in both the national and international arenas.
The Reserve Bank of India has emphasised the banks and other credit/debit card providers to follow the points on the basis of the ATMs in India and PoS (Point of Sales) mode while giving the credit/debit cards.
This initiative signifies that when the card is being given, it would be swiped on only in ATM or PoS. This will not be applicable to the online transaction or contactless transactions.
The facility on a 24x7 basis can be given through various channels for mobile banking, net-banking, ATMs and IVR (Voice Recognition) in the bank branches and offices.
The Reserve Bank of India has advised the banks that in case there are any changes in the status of the cards, immediate warning messages must be passed on to the users through SMS or e-mail.
The rules and regulations as per the above circular need be mandatory on prepaid Gift cards and the popular transport organisations.
The bans which distribute the cards will enable cardless transactions (national and international) , the present card transactions, and the cardless transactions.
The banks can decide on the issue of whether to block the facility of the above if required. The contactless (international) transactions which have never been done online will be definitely blocked due to the above purpose.
