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The new RBI rules will come into effect from March 16 (Monday) to ban frauds related to digital transactions. These rules will help in curbing the misuse of debit and credit cards. RBI had issued a notification in this regard in January 2020. These rules will apply to all debit-credit cards (physical and virtual). However, these new rules will not apply to prepaid gift cards and metro cards. RBI has asked banks to activate them for transactions only at ATMs and Point of Sale (POS) terminals in India when issuing / re-issuing debit-credit cards. According to the new rule, now only debit-credit card will be allowed to be used only at ATM and POS terminals.

If customers want to do online transactions, contactless transactions, or international transactions, then these services have to be commissioned to avail of these services. Please tell that according to the old rules, these services used to come automatically with the card, but now it will start at the request of the customer. If you are a debit-credit card customer and you have not yet done any online transaction, contactless transaction, or international transaction with your card, then these services on the card will automatically stop from March 16. The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.

If the customer makes any change in the status of his card or tries to do something else, the bank will alert the customer through SMS / email and send the information.

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Image credit: moneycontrol