Starting from 16th March, your Debit and Credit cards may soon get disabled for Online Transactions.
According to the sources, Debit and credit cards may get more secure.
The Reserve Bank of India has recently introduced certain measures to curb banking fraud and misuse of debit and credit cards.
This was done due to the increasing number of online frauds that are being conducted related to Debit and Credit cards.
From 16th March, all the new debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs and point of sale (PoS) terminals.
If the customer wants to use the cards for online transactions, the cardholder would need to approach the bank.
These rules were introduced by RBI in January and will be in effect from 16th March.
Those with old cards can decide whether to disable any of these features or to continue with the services.
As per the existing rules, these services used to come automatically with the card, but now it will only start at the request of the customer.
These services on the card will automatically stop from 16th March for those customers who have not used the debit or credit card for any online transaction, contactless transaction or international transaction.
Customers will have the option to switch on and off their cards or any particular facility like ATM transaction, online transactions available in the debit or credit card. Cardholders can also get the facility to set their transaction limits, said RBI.
RBI has also asked banks to provide 24×7 mobile applications, net banking options to modify the limits and enable and disable services. Bank branches and ATMs will also have these options.