The Reserve Bank of India on Wednesday issued new rules for credit and debit cards to improve user convenience and increase the security of card transactions.
RBI asks banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card.
For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.
Existing cards which have never been used for online/ international/ contactless transactions shall be mandatorily disabled for this purpose.
These rules will be applicable for new cards. Those with old cards can decide whether to disable any of these features.
Users will have 24×7 access to switch ON/OFF or change all transaction limits via all available channels — mobile application / internet banking / ATMs / Interactive Voice Response (IVR).