Bank customers who are expecting the issuance of their new credit, debit cards after March 16 should know about a number of things that they will have to keep in mind while doing any type of transactions after 16th March.
Reserve Bank of India (RBI) in its January 15 notification had mentioned about new services that are expected to be implemented from March 16 to add to customer convenience and keeping the security factory in mind.
What will change for new credit, debit cardholders after March 16
- New customers will have to set up a number of services for using credit, debit cards for any sort of transactions including online transactions, card-not-present transactions, contactless transactions and international transactions.
- From March 16, customers will have an on-off option, transaction limit option that they can access using a mobile application, internet banking, ATMs, Interactive Voice Response. This service will be available for 24x7.
- Credit, debit card issuers will allow customers to on-off or set transaction limits valid within the given limit. This will be applicable for any type of transaction be it domestic or international.
- This facility will also work for payment via credit, debit card at Point of Sale, ATMs, online transactions or contactless transactions.