New debit, credit card rules effective from March 16

By: |
March 23, 2020 4:38 PM

Bank account holders/ cardholders who are expecting the issuance of their new debit or credit cards after March 16 should be aware of a few things, while doing any type of transactions after 16th March.

debit card paymnet, credit card payment, banking fraud, card related frauds, online transaction, contactless transaction, international card transaction, credit card, minimum amount, minimum amount credit card, disputed credit card transactions, debit card,Based on risk perception, banks can also deactivate an account holder’s/ cardholder’s current cards and reissue them.

The Reserve Bank of India on January 15 had announced that those debit or credit cards that have been never used for services such as for online transactions and/or contactless transactions ever before, would be mandatorily disabled from March 16 onwards.

According to the notification by RBI, all card issuers, including banks, would have had to disable online transactions and contactless payment services of both credit and debit cardholders for cards that had never been used before. Hence, if you are one of those who have had a debit or credit card that has not been used for online and contactless transactions till March 16, then your card will be permanently blocked.

Additionally, bank account holders/ cardholders who are expecting the issuance of their new debit or credit cards after March 16 should be aware of a few things, while doing any type of transactions after 16th March.

Here is what has changed for new Debit and Credit cardholders since March 16;

Newly issued or reissued debit and credit cards after/from March 16th, 2020 will only be enabled for domestic transactions at ATMs and POS (point of sale) terminals.

To get facilities like online transactions and contactless transactions, you might have to request your bank or the credit card issuing company to enable those facilities. Consequently, if you are one of those who have opened a new bank account after the YES Bank episode in March 2020, you might have to get in touch with your new bank to enable online and contactless transaction facilities.

In case you want to use your card in international destinations, you will have to request for the same to your bank or the credit card issuing company to enable international transactions.

Know that, if your debit or credit card has not been used for international transactions or contactless and online transactions before, the bank can disable these options on your card.

Based on risk perception, banks can also deactivate an account holder’s/ cardholder’s current cards and reissue them.

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