RBI issues new rules for debit and credit cards. An attempt to improve the convenience and security of card transactions. Debit or credit cards can only be used at ATMs & PoS devices within the country. Separate services should be set up on cards for international, online transactions. The rule was bought into effect from 16 March 2020. Existing card users can take a call on these features. Existing users who have never done online transactions will be disabled for this purpose. Users will have 24×7 access to Mobile banking service to enable & disable transaction limit. These rules will help in reducing the misuse of debit and credit cards.
