New Delhi (NVI): To ensure the security and convenience of card users, new rules on debit and credit cards issued by the Reserve Bank of India have kicked in from today.
RBI had issued new rules in January to improve user convenience and increase the security of card transactions. The Central Bank had also said that these rules will help in curbing the misuse of debit and credit cards.
Under the new rules, RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of the card.
Banks, including SBI, will block the debit and credit card online facility starting today if you haven’t done online transactions for at least once since the card’s issuance.
Meanwhile, for international transactions, card-not-present transactions, online transactions, and contactless transactions, cardholders will have to separately set up services on their card.
