Credit and Debit Card Users Should Be Careful, Otherwise There Will Be Big Trouble, Debit-Credit Card Holders Should Know About These Rules
RBI Rules For Cards: Many people use credit cards and debit cards in the country. And from time to time, there is a lot of change in the rules related to them. The central bank RBI has recently issued updated guidelines for credit cards and debit cards in the country. These new rules are very important for the safety and experience of all types of cards.
Debit-credit card holders should know about these rules
Mandatory Two-Factor Authentication
At the same time, to make electronic card transactions more secure, RBI allows all debit and credit card payments to proceed only through a two-factor authentication process. Under this, the cardholder has to go through the process of extra verification. For example, your transaction can be safe only through a unique PIN or one time password.
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Contactless Card Transaction Limit
RBI has revised the limit of contactless card transactions giving another facility to the cardholders. In this, contactless payments up to Rs 5,000 per transaction can be made without entering any PIN. Through this change, it is the endeavor of RBI to promote digital payments for small transactions and make them much easier.
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The use of cards abroad will get a boost
RBI has set some limits on the use of debit and credit cards. It is very important for cardholders to enable or disable the card for international transactions as per their preference. Through this feature, cardholders will be protected against misuse of their cards outside the country.
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Online Transaction Alert
RBI has instructed all banks to compulsorily send SMS and email alerts to customers for all types of cards. All these alerts should be in the nature of rear time updates and should reach the customers within a maximum of 5 minutes of the transaction taking place.
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