New Debit & Credit Card Usage Rules From Oct 1: All You Need To Know

In a bid to make digital payments more secure, Reserve Bank of India (RBI) has issued a set of fresh guidelines with regards to usage of debit and credit cards which will come into effect from Thursday, October 1.

RBI has directed all banks to not unnecessarily give international usage facilities to customers’ cards, unless there is a demand for the same from the customer’s side. These measures will help in cutting down on debit and credit card frauds.

Beginning October 1, debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs and point of sale (PoS) terminals.

Banks have also been authorized to deactivate current cards and reissue them based on risk perception.

RBI’s mandate however does not cover prepaid cards and gift cards.

Customers can now set up a limit on their credit cards and debit cards.

Cardholders will also have the option to switch on and off their debit and credit cards for any facility – ATM, NFC, POS, or eCommerce (card-not-present) transaction.

Banks and other card-issuing companies have also been mandated to disable online payment services of all debit and credit cards that have never been used for online or contactless transactions both in India and abroad.

Any customer who wishes to use his or her credit or debit card abroad, will have to ask their bank to enable international transactions.

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