Great news coming from the Reserve Bank of India regarding the change of the rules of the debit card and credit card, which have been already in practice. In January, the reserve bank of India (RBI) had issued a press release for the convenience and security of the card transactions. These rules will help in controlling the misuse of debit and credit cards. RBI has directed all the banks to allow only domestic card transactions at POS terminals (point of sale) and ATMs in India. This rule is applicable at both times, issuance or re-issuance of the new chip cards. If any customer wants to do the international transactions, card less transaction (deposit and withdrawal), an online transaction, then they have to set up separate services on their card.
These rules are already applied in the country. Those who are with their old cards can disable and enable any of these features as per their convenience. As per the RBI old rules, these services were coming automatically with the card, but now, it will be started when the customer request for these services. If any bank’s cardholder was not using any of these services from a long time, then these services were already disabled by their respective banks, and if they want to restart them, they need to contact their bank branches.
The RBI has also asked the banks to provide banking services like mobile banking and net banking service 24 hours a day and seven days a week for the public convenience. If any customer changes their card type (Visa, Rupay, master card) or limit (credit card), then the bank will have to alert the customer through the SMS/email.
Additionally, RBI also asked all the banks to provide the facility to switch on/off and set/modify transaction limits (modify within the card limit) to all the cardholders for all the types of the transactions, irrespective of domestic, international or at PoS, ATMs or online transaction.
The new rules are made in respect to save the customer data, provide more convenience and build more trust between customer and the banks.
In the past few days, this trust was breached at some point, when India’s greatest bank YES BANK was not in a good state. All the bank account holders and media were connecting this incident with the PMC cooperative bank scam. Now the condition of the YES BANK is better after getting support from the SBI bank, HDFC bank, ICICI Bank and Kotak Mahindra bank. The share price of the YES BANK has also regained its value in the last 2-3 days.
These rules are already applied in the country. Those who are with their old cards can disable and enable any of these features as per their convenience. As per the RBI old rules, these services were coming automatically with the card, but now, it will be started when the customer request for these services. If any bank’s cardholder was not using any of these services from a long time, then these services were already disabled by their respective banks, and if they want to restart them, they need to contact their bank branches.
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The RBI has also asked the banks to provide banking services like mobile banking and net banking service 24 hours a day and seven days a week for the public convenience. If any customer changes their card type (Visa, Rupay, master card) or limit (credit card), then the bank will have to alert the customer through the SMS/email.
Additionally, RBI also asked all the banks to provide the facility to switch on/off and set/modify transaction limits (modify within the card limit) to all the cardholders for all the types of the transactions, irrespective of domestic, international or at PoS, ATMs or online transaction.
The new rules are made in respect to save the customer data, provide more convenience and build more trust between customer and the banks.
In the past few days, this trust was breached at some point, when India’s greatest bank YES BANK was not in a good state. All the bank account holders and media were connecting this incident with the PMC cooperative bank scam. Now the condition of the YES BANK is better after getting support from the SBI bank, HDFC bank, ICICI Bank and Kotak Mahindra bank. The share price of the YES BANK has also regained its value in the last 2-3 days.
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