RBI has recently released new rules for using debit and credit cards. These new regulations aim to increase security and make cardholders' lives easier.
Two-step verification is now necessary:
The RBI has made two-step verification necessary to increase the security of electronic card transactions. Now, this procedure will be required for all debit and credit card payments. To complete a card transaction using two-step verification, enter your PIN or one-time password (OTP). This greatly lowers the likelihood of fraud.
Contactless card transactions:
The RBI has changed the cap on contactless or contactless card transactions. Cardholders can now make contactless payments without inputting a PIN up to Rs 5,000 per transaction. This modification aims to boost convenience for small transactions and promote the usage of digital payments.
Use of the card abroad:
Debit and credit card use abroad is now subject to limitations under the new regulations. According to their settings, cardholders will now be forced to allow or disable their cards for foreign transactions. This function adds an extra degree of security by enabling customers to manage the use of their cards outside of the country.
Online Transaction Alert :
The RBI has compelled banks to issue SMS and email alerts for all card transactions to improve transparency and assist cardholders in keeping track of their transactions. These notifications should be issued instantly or at most five minutes after the transaction. Giving users rapid access to information about all transactions is now required.
Failed Transaction:
RBI has restricted the number of transaction failures to safeguard clients from fraudulent activity. Banks and other financial organizations must repay the money if a card transaction is unsuccessful within a certain time. Additionally, the customer will be required to pay back any fees the bank assessed for the unsuccessful transaction.
These new RBI regulations guarantee the security, practicality, and general contentment of debit and credit card users. Cardholders must keep up with these regulations to make wise financial decisions and protect their transactions. On the RBI website or by contacting the relevant bank, you may find comprehensive information on the most recent RBI regulations on debit and credit cards.