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RBI's new rules for debit, credit cards; here's how they affect NRIs
Dubai - The rules had been issued in January this year.
The new rules that have been issued by RBI in January are designed to increase security and reduce fraud.
As per the new norms, banks should allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of the card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.
From today onwards, while the new rules will be applicable for newly issued cards, those with old cards can decide whether to disable any of these features.
As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.
According to the RBI, for debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop today.
The RBI 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 the card, the bank will alert the customer through SMS/email and send the information.
For existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, international transactions and contactless transaction rights.
Users will have 24x7 access to switch ON/OFF or change all transaction limits via all available channels - mobile application / internet banking / ATMs / Interactive Voice Response (IVR).
The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.
The latest instructions assume significance amid rising instances of cyber frauds.
issacjohn@khaleejtimes.com
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