RBI Latest News For ATM Cards and Credit Cards
RBI atm card and credit cards news
Latest News From Reserve Bank of India: RBI has issued updated guidelines for credit and debit cards to enhance security and improve user experience. Here are the key points you need to be aware of:
1. Emphasis on Security: To bolster the security of card transactions, the RBI now mandates a two-factor authentication process for all debit and credit card payments. Cardholders will need to complete an additional verification step, ensuring enhanced security through measures like Personal PIN or One Time Password.
2. Contactless Card Transactions: The RBI has revised the range for contactless card transactions and introduced a new convenience for cardholders. Now, users can make contactless payments of up to Rs. 5000 per transaction without entering their PIN number. This change is aimed at promoting and facilitating digital payments for small transactions.
3. Safe Use Abroad: For international travel, the RBI has imposed specific restrictions on the use of debit and credit cards. Cardholders can now deactivate or activate their cards for international transactions at their discretion. This feature safeguards cardholders from unauthorized usage of their cards in foreign countries.
4. Deadline for Refunds: To protect customers from potential fraud, the RBI has established a deadline for processing refunds in case of failed card transactions. If a card transaction fails, banks and financial institutions must refund the money to the customer within a specified time. Furthermore, any fees charged for the unsuccessful transaction must also be refunded to the customer.
5. Online Transaction Alerts: To enhance transparency and customer awareness, the RBI has directed all banks to send compulsory SMS and email alerts for all types of card transactions. These alerts must be real-time updates and reach customers within 5 minutes of the transaction, ensuring customers are promptly informed of their card activity.