New debit, credit card rules effective from today – Here is all you need to know

By: |
March 16, 2020 2:41 PM

Cardholders with old cards can decide whether to disable any of these features. As per the old rules, these services used to come automatically with the card, however, now it will start at the request of the cardholder.

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The Reserve Bank of India (RBI) in January had issued new rules for debit and credit cards, not only to improve user convenience but also to increase the security of card transactions. The new rules to increase security and reduce frauds for debit and credit cards have started from today, ie, 16th March 2020. These rules have been implemented to help curb the misuse of debit and credit cards.

Banks, including the SBI, will block the debit and credit card online facility starting today, March 16, 2020. The banks will do so if you haven’t done online transactions for at least once since the card’s issuance. According to RBI, banks allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance or re-issuance of the card. Additionally, for international transactions, card-not-present transactions, online transactions, and contactless transactions, cardholders will have to separately set up services on their card.\

Cardholders with old cards can decide whether to disable any of these features. As per the old rules, these services used to come automatically with the card, however, now it will start at the request of the cardholder. International transactions, card-not-present transactions, online transactions, and contactless transactions, will automatically stop from March 16, for debit or credit card customers who have not yet done any online transaction, with their card.

RBI has also mandated all banks to provide mobile as well as net banking options, 24 hours a day, and 7 days a week. If the cardholder makes any change in the status of the card, the bank will alert him/her through SMS or email.

Card issuers will also provide cardholders facility to switch on or off the card using their mobile banking option, and also set and modify transaction limits (within the overall card limit) for all types of transactions. This will be applicable for domestic as well as international transactions and at PoS/ATMs/online transactions/contactless transactions, etc. However, these provisions are not mandatory for prepaid gift cards or in case of use at mass transit systems.

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