RBI Reserve Bank of India has made changes in debit and credit card rules. Which are applicable from 30 September 2020. Let us tell you what rules have been changed by RBI for cardholders.
From 30 September 2020, many rules related to RBI debit and credit cards are changing. If you use debit and credit card, then it is important for you to know about this news. In view of the extraordinary situation due to the Kovid-19 epidemic, RBI has given card issuers up to September 30 to implement the rules. Earlier these rules were to be implemented in January. Let us tell what rules are being changed for Cardholders (RBI Cardholders.
For international transactions, online transactions and contactless card transactions, customers have to separately register their preference for this. This means that if the customer needs it, then only he will get this service, that is, he will have to apply for it.
RBI has told banks that while issuing debit and credit cards, customers should now allow domestic transactions. It is clear that if there is no need, withdraw money from the ATM machine and do not allow foreign transactions for shopping at the POS terminal.
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For existing cards, issuers can decide based on their risk perception. This means that whether you want domestic transactions or international transactions with your card. The customer can decide this at any time and what service he has to activate and which activate.
The customer can change the limit of his transaction 24 hours a day anytime. If you put it in simple words, now you can set your ATM card by going to mobile app, internet banking, ATM machine, and anytime its transaction limit through IVR.
The new rules related to ATM cards and credit cards issued by RBI will be applicable from 30 September 2020.
