Note: If you use Debit-Credit Card, you know this, RBI has changed these rules.
Since September 30, 2020, the RBI has been changing many rules related to debit and credit cards. This information is very important for you to know if you are using a debit and credit card. Given the extraordinary situation due to the Kovid-19 epidemic, the card issuer has been given till September 30 to apply the RBI rules. Earlier, the rule came into force in January. Let us know which rules are changed for RBI Cardholders.
Must apply for service
For international transactions, online transactions and contact lens card transactions, customers will have to enter their preferences separately. This means that customers will get this service if they need it, that is, they will have to apply for it.
The RBI told banks that customers should now be allowed domestic transactions when issuing debit and credit cards. The implication is clear that foreign transactions are not allowed for withdrawing money from ATM machines and shopping at the terminal if not required.
Judgment based on one’s own risk perception
For present cards the card issuer can make a decision based on their own risk assumptions. This means that if you want a domestic transaction with your card, this international transaction can be decided by the customer at any time and which service to activate and which to deactivate.
The customer can change the limit of his transaction at any time 24 hours seven days. Simply put, you can now set your ATM card anytime by going to the mobile app, internet banking, ATM machine, IVR. The rules relating to public ATM cards and credit cards issued by the RBI will come into effect from September 30, 2020.