Some new guidelines and rules are set by the RBI which needs to be followed by today 1 October 2020. The new rules are related to online transaction by both debit and credit cards, to make India go cashless and RBI had guided all the banks and branches not to unnecessarily provide international facilities to customers which are not even asking for those, only provide those facilities which are demanded by customers. As many frauds are happening every new day it will create some difference in that.
New rules to keep in mid from now on
1. From now on customer have this choice to register themselves for preferences like opt – in or opt – out, spend limits, online transaction service, international and contactless transaction.
2. The debit and credit card will be enabled to make transaction at the ATM’s and sale terminals.
3. If you want to make a limit on transaction to save or for any reason you can do it now. Transaction limit can be set fir both credit and debit cards.
4. You can choose services on credit and debit card with particular services related to E commerce and ATM.
5. Online payment will be disabled fir those customers who never used the cashless or online transaction anywhere in India or in abroad.
6. You have the choice to enable or Disable NFC feature.
7. All the users will have 24/7 access to change transaction limits.
8. There’s this rule that’s if the customer need to use the card out of India they have to inform the bank to allow you for this facility.
This all guidelines are covered under section 10(2) of the payement and settlement system act 2007.