New Delhi (NVI): From March 16, new rules for credit and debit cards mandated by the Reserve Bank of India (RBI) will come into force.
According to these new rules, only domestic card transactions will be allowed at ATMs and PoS terminals in India.
With regard to international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.
Those already possessing the cards can decide whether to disable any of these features. They will have to inform their banks about it.
For existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, international transactions and contactless transaction rights. Existing cards which have never been used for online/ international/ contactless transactions shall be mandatorily disabled for this purpose.
Users will have 24×7 access to switch ON/OFF or change all transaction limits via all available channels — mobile application / internet banking / ATMs / Interactive Voice Response (IVR).
Issuers shall provide to all cardholders facility to switch on/ off and set/ modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions – domestic and international, at PoS/ ATMs / online transactions / contactless transactions, etc.,
The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.
