The Economic Times

Your 6-point guide to new card rules

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Debit and credit card security
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Debit and credit card security

Now you can switch on and off your debit or credit card, a move aimed at enhancing security for digital transactions. The facility is part of a new set of rules issued by the RBI to banks to improve user convenience.

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Rule #1
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Rule #1

The guidelines will come into effect from March 16. Here's what this essentially means. First, banks have been told to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuing the card.

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New rule for international transactions
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New rule for international transactions

If you want to swipe your card abroad, you will have to opt in for services to be set up on the card.

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What happens to existing cards?
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What happens to existing cards?

For existing cards, the onus is on issuers, based on their risk perception, whether to disable the card not present (domestic and international) transactions, international transactions and contactless transaction rights. Existing cards which have never been used for online, international, contactless transactions shall be mandatorily disabled for this purpose.

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A 24x7 service
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A 24x7 service

You will have 24x7 access to switch on or off or change all transaction limits via all available channels that is mobile application, Net banking, ATMs and Interactive Voice Response. Banks will also provide you alerts, status via SMS or mail whenever there is any change in status of the card.

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Set your own transaction limit
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Set your own transaction limit

Card issuers will also give you the facility to switch on or off and set or modify transaction limits at PoS, ATMs, online transactions, contactless transactions, etc. The provisions are not mandatory for prepaid gift cards and those used at mass transit systems.

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