RBI has changed these 5 rules for those using credit and debit cards, not knowing will cause huge loss
If you use debit and credit card, then it is very important for you to read this news. The reason for this is in the news Reserve Bank of India (RBI) has made changes in debit and credit card rules. These new rules were released in January. But given the extraordinary situation due to the Covid-19 epidemic, card issuers have been given time till September 30, 2020 to implement them.
Know what rules have been changed by RBI for cardholders.
RBI has told banks that while issuing debit and credit cards, now customers should allow domestic transactions. It is clear that if there is no need, withdraw money from the ATM machine and do not allow foreign transactions for shopping at the POS terminal.
For international transactions, online transactions and contactless card transactions, customers have to separately register their preference for this. This means that if the customer needs it, then only he will get this service, that is, he will have to apply for it.
For existing cards, issuers can decide based on their risk perception. This means that whether you want domestic transactions or international transactions with your card. The customer can decide this at any time and what service he has to activate and which activate.
The customer can change the limit of his transaction 24 hours a day anytime. If you put it in simple words, now you can set your ATM card by going to mobile app, internet banking, ATM machine, and anytime its transaction limit through IVR.
The new rules related to ATM cards and credit cards issued by RBI will be applicable from September 30, 2020.