Arnima
New Delhi: The Reserve Bank of India, on Wednesday, has issued new rules for credit and debit cards to improve the security of card transactions.
With increased volume of transactions made through cards in over the years, the RBI has asked the banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance and reissuance of cards.
For international, online, card-not-present and contact transactions, customers will have to separately set up services on their card.
The new rules will be applicable for new cards from March16, 2020 while those with the older cards can decide whether to get rid of any of these features.
The RBI said that the latest instructions have been given amid rise in cases of cyber frauds. The central bank, however, said that the provisions are not mandatory for prepaid gift cards and those used at mass transit systems and users will also have access to switch On/Off or change all transaction limits through all available channels.
