GOOD NEWS FOR CREDIT AND DEBIT CARD USERS | NEW RULES FROM SEPTEMBER 30 | 2020

 GOOD NEWS FOR CREDIT AND DEBIT CARD USERS

Do you use a credit card a lot? Or have a debit card? But you must know one thing for sure. The Reserve Bank of India (RBI) has changed a number of rules regarding debit and credit cards. The RBI announced the new rules in January this year. However, these were not implemented properly due to the coronavirus crisis. These will now be strictly enforced from September 30.

The Reserve Bank has asked banks to issue domestic cards for use at ATMs and POS terminals when issuing debit or credit cards. This means that when you get a new card it will not have the International Uses (Overseas Use) option. Only domestic (country only) usage is permitted. If you want international transactions you need to ask the bank and activate it. 

Not only this, with the help of Contactless, Cordless, and Online Transactions there will be similar changes. Customers only need to activate the transactions they need. This applies to all cards issued after September 30th.

If you already have a credit card or debit card, international online and contactless transactions will stop later this month. Must request for them. You can select the transactions you want on the bank website or mobile banking app. These services will be activated within 24 hours of your request. RBI has brought in new rules to curb scams.