RBI's New Security Prompt To Mandatorily Disable Online Transactions If Cards Are Unused

Economy

Debit cards and Credit cards that haven't been used for online transactions will be disabled on March 16, as per directive by the Reserve Bank of India (RBI).

Written By Devarshi mankad | Mumbai | Updated On:
RBI

Debit cards and Credit cards that haven't been used for online transactions will be disabled on March 16, as per the Reserve Bank of India (RBI). The decision, announced on January 15, has been taken to increase the security of these cards.

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Securing credit cards

An RBI notification read, "For existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, card (international) transactions and contactless transaction rights. Existing cards which have never been used for online (card not present) / international / contactless transactions shall be mandatorily disabled for this purpose."

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The users will now also have facility to switch on / off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions – domestic and international, at PoS / ATMs / online transactions / contactless transactions, the facilities on a 24x7 basis through multiple channels - mobile application/internet banking / ATMs / Interactive Voice Response (IVR), and alerts/information/status, etc., through SMS / e-mail, as and when there is any change in status of the card.

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