New security rules for debit and credit cards usage by RBI

New Delhi: Reserve Bank of India (RBI) has notified new rules to improve the security of the debit and credit cards. These rules will be applicable from 16th March.

New cards

As per the rules, RBI asked banks to restrict new credit and debit card customers from performing any transactions apart from domestic transactions at ATM and PoS terminal.

For other transactions such as international, online, contactless transactions, customers have to set up services on their cards.

Existing cards

Existing cardholders will not be able to perform international, online and contactless transactions if they have never performed these transactions. However, cardholders can enable this service manually.

Apart from it, cardholders shall be provided with the facility to switch on/off and update transaction limits for various types of transactions