Finance Here's what RBI's new rules for debit, credit cards mean for you Updated : January 17, 2020 09:35 AM IST The new norms have been issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 and will come into effect from March 16, 2020. RBI has asked card issuers to give cardholders the facility to switch on and off their debit or credit cards at any given point. Every cardholder should be alerted through SMS or e-mail, as and when there is any change in status of the card. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.