In an attempt to make online and card payments more secure, the Reserve Bank of India (RBI) has issued new guidelines that will be effective from October 1, 2020. As India forwards on a path to become more digital enabled, it's important that the ecosystem is made fully secure and convenient. Let's take a look at what all changes when RBI's new guidelines are effective from October 1.
RBI's new guidelines for Credit, Debit card holders:
- As per new rules, people will now be able to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions.
- This means that debit and credit card servies will only be enabled for transactions at ATMs (domestic) and Point of Sale terminals.
- Card holders on both debit and credit will have a new facility to set up transaction limit.
- They will have option to allow or not to allow a particular service on their credit-debit cards such as ATM, POS, E-Commerce or NFC.
- All banks, card issuing companies have been asked by RBI to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.
- Users will now be able enable or disable the NFC feature also.
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