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RBI’s new credit, debit card rules implemented today. Read what has changed

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In a bid to make digital payments using debit and credit cards more secure, the Reserve Bank of India (RBI) has issued new guidelines concerning payments done through these cards. If you have a debit and/or credit card, you should definitely know the changes that have been implemented from today (October 1, 2020).

As per new guidelines, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits and other services for online transactions, international transactions and contactless transactions.

No international transaction facility by default

The RBI had directed all banks to not unnecessarily give international facilities to customers’ cards, unless the customer himself demands it. It is being done to stop increasing fraud transactions using debit and credit cards.

All banks, card issuing companies have been asked by RBI to disable online payment for all debit, credit cards that have never been used for online or for contactless transactions in India or abroad.

Card 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).

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Many banks have also been issuing cards based on near field communication (NFC) technology. A merchant doesn’t need to swipe such cards or insert them in the point of sale terminal. These are also known as contactless cards. Cardholders will also get the option to enable or disable the NFC feature also.

At the time of issue / re-issue, all debit, credit cards shall be enabled for use only at ATMs and Point of Sale (PoS) devices within India.

No impact on the credit card limit

These features will not have any impact on one’s credit card limit and the spend limits or restrictions can be changed any time by logging into the card issuers mobile app or net banking site.

With new features, customers will be able to set a limit on various transactions.

 

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