Representational Image

RBI's new rules for debit & credit cards: Things to keep in mind

By mid day online correspondent | Mumbai

Updated: 01 October, 2020 12:22 IST

RBI said that these steps are to check cyber frauds, curb the misuse of cards and make online and contactless transactions secure.

With the intent of curbing bank frauds, the Reserve bank of India has issued a set of new rules for debit and credit cards. These rules will be effective from October 1, 2020, and will improve the convenience and security of card transactions.

The new rules will enable card holders to set withdrawal caps and change transaction limits. “For new cards being issued, the users will only be able to use these services after registering for them. The main reason for this is to prevent card fraud and misuse and give the consumer better power to manage his or her finances. With spend and withdrawal caps, even if an individual becomes a victim of cyber or ATM fraud, the damage will be limited,” Financial Express quotes Gaurav Chopra, CEO of IndiaLends.

Here is a list of things to keep in mind

RBI said that "these directions are issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007)," to check cyber frauds, curb the misuse of cards and make online and contactless transactions secure.

Keep scrolling to read more news

Catch up on all the latest Mumbai news, crime news, current affairs, and a complete guide from food to things to do and events across Mumbai. Also download the new mid-day Android and iOS apps to get latest updates.

Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news

First Published: 01 October, 2020 11:40 IST

No NCB Custody for Bharti Singh & Harsh Limbachiya says court | Mumbai Khabar

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy.