If you are a credit or debit card user then here is something that you must pay attention to. The Reserve Bank of India (RBI) has come up with the latest guidelines that can result in blocking of your credit or debit cards.
As per RBI’s new directive, all those Debit Cards and Credit Cards which are never used for online transactions will soon be blocked. The move by RBI is aimed at enhancing security for digital transactions. Debit and credit cards can be blocked by the respective service providers after March 16th, if they have not been used for any online payments ever.
The apex bank last week directed all banks and other card-issuing companies to disable online payment services of all debit and credit cards that have never been used for online/contactless transactions.
“Existing cards which have never been used for online (card not present)/international/contactless transactions shall be mandatorily disabled for this purpose”, read the official statement from RBI.
RBI has also asked banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/re-issuance of card. These steps have been taken by RBI to safeguard the interest of millions of debit and credit card users in India at a time when cybercrime is expanding its horizon in the financial domain.
Inputs from: India TV