If you use debit and credit cards, then it is important for you to know about this news. The Reserve Bank of India (RBI) is going to change the rules related to debit and credit cards. These changes are related to your international transactions, online transactions and contactless card transactions. It will be implemented from 30 September 2020 ie tonight. Also, some special services found on debit-credit cards will be discontinued. Meaning that you will not get this service from October 1.
Rules changed to stop fraud
Some services will be closed to all customers of the bank from tomorrow. The country’s largest banks, State Bank of India, ICICI and HDFC Bank have also sent messages to their customers for this. In this, customers have been told that some services on their credit and debit cards are being discontinued from 30 September 2020. Explain that the services of international transactions are being discontinued with your card. This step has been taken by RBI for the protection of customers only.
In fact, the Reserve Bank had ordered all banks to stop increasing fraud on debit and credit cards, so that they do not unnecessarily give international facilities to the customers’ cards, unless the customer himself demands it. Explain that due to Kovid-19, credit and debit card holders got time, otherwise these rules were already in force.
What is RBI’s guideline?
After the new rules come, you have to set priority for international transactions, domestic transactions, online transactions, transactions with contact-less cards. This means that if the customer needs it, then only he will get this service, that is, he will have to apply for it.
Now customers can change their transaction limit themselves. You can change the limit of your card at any time through mobile app, internet banking, ATM machine or IVR. This facility will be available 24 hours and seven days. That is, now you will be able to decide the transaction limit of your ATM card yourself.
Customers should be provided with the facility that they can avail foreign transactions on their card anytime. The customer should also be given the right to activate or remove any service on his card. This means that customers decide which service to activate and which service to activate.
RBI has told banks that now customers should allow domestic transactions while issuing debit and credit cards. This means that if there is no need, foreign transactions should not be approved for withdrawing money from ATM machines and shopping at POS terminals.
ICICI and SBI sent message
ICICI Bank has sent different messages to customers. According to the bank’s SMS, according to RBI guidelines, online transactions on customers’ debit cards will be closed from September 30. If you want to continue this facility for online transactions, then the facility to enable it will be available 24 hours 7 days. Also, if you want to continue shopping in the international market, after the INTL, write the last 4 digits of your card number and SMS it to 5676791. SBI has also sent a similar message to its customers.
More use of debit than credit in lockdown
- According to data released by RBI on debit and credit card spending, in the month of June this year, people in the country bought 42,818 crore rupees through credit cards, while in January this year 67,000 crores from credit cards. There was a shopping of rupees.
- In terms of transactions, credit cards were used for transactions of 12.5 crore times in the month of June, while 20.3 crore times in the month of January before Corona and Lockdown.
- The same, if you talk about debit card, 45.8 crore debit card was used in the month of January whereas 30.2 crore debit card was used in June. According to RBI data, there is one credit card on every 15 debit cards in the country.