Taking a cue from the incidents of frauds that have been taking place on the day, the Reserve Bank of India has made a big announcement about the security of ATM cardi. Usually, when fraud with credit or debit cards, people call the bank, but it will not happen now. According to the new RBI order, you will now be able to block and start your credit, debit, or ATM card. At the moment, you cannot block your ATM yourself. For this, you have to call the bank's customer care. Now, under the new facility, you will be able to unblock and block your credit or debit card as per your requirement. You will not need to call the bank's customer care.
The Reserve Bank of India has asked all banks and card issuing companies to give their customers a feature to close and start their debit or credit cards. The option to block or unblock a credit or debit card can be found through internet banking, ATM machine, or mobile app. According to RBI, this facility should be for 24 hours. The new feature will not apply to cards like prepaid gift cards and Metro cards. Customers will also have the facility to set transaction limits. The new rule will come into effect from 16th March 2020.
The advantage of the RBI's move would be that if your card is stolen or fell somewhere, you will be able to stop it yourself. Also, in case of any fraud, you will be able to block your card without calling customer care.
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