The apex bank in India, Reserve Bank of India (RBI) has launched new measures to face the online bank frauds and misuse of debit and credit cards. So from March 16,the debit and credit cards will become more secure.
As per the new police of RBI, the new debit and credit cards issued by all banks will only be enabled for domestic transactions at ATMs and point of sale (PoS) terminals. For using the cards for online transactions the customer must approach the bank.
As per this new policy, the cardholder must approach the bank to enable any other facilities including online transactions, international transactions and contact less transactions in their debit and credit cards. These services will not be default services any more.
To use cards outside the country they must ask the bank to enable the facility. At present the cards are by default can be used anywhere in the world.
Banks will have the right to deactivate current cards and reissue them based on risk perception.
If any individual has not used their card for online transaction, international transactions and contact less transactions before, the bank will have an option to disable these options.
Customers will have the option to switch on and switch off their cards or any particular facility like ATM transaction, online transactions available in the debit or credit card. Cardholders can also get the facility to set their transaction limits, said RBI.
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