New Credit card and Debit card rules effective from 30 september
You need to know this news if you use debit and credit cards. The Reserve Bank of India (RBI) is going to change the rules related to debit and credit cards. The change will take effect on September 30.
These changes are linked to your international transactions, online transactions and contactless card transactions. CVID-19 gives credit and debit card holders time. Otherwise these rules would have already come into force.
The changes were made only in January
The RBI had in January this year changed the rules relating to debit and credit cards. But were not applied after that because of the corona. The Reserve Bank has set September 30, 2020 as the date for implementation of these rules.
Learn about the rules that are going to change from September 30th
Once the new rules come in you will have to set priorities for International Transactions, Domestic Transactions, Online Transactions, Contactless Card Transactions. This means that the customer will get this service only if he needs it. That is, he has to apply for it.
Customers can now manually change their transaction limits. You can change the limit of your card at any time through mobile application, internet banking, ATM machine or IVR. This facility will be available 24 hours and seven days. That is, you will now be able to set your ATM card transaction limit manually.
Customers should be provided with the facility to facilitate international transactions on their cards at any time. You should also be given the right to activate or remove any service on your own card. This means that customers will decide which service to activate.
The RBI told banks that now customers should allow local transactions when issuing debit and credit cards. This means that international transactions should not be allowed to withdraw money from ATM machines and shop at POS terminals unless there is a need.
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