NIFTY 50

You can switch on or off your online card transactions from March 16

Updated : January 16, 2020 07:35 PM IST

The RBI has issued new rules for debit and credit cards where cardholders can now enable or disable their cards themselves for online transactions and contactless use.

Customers can also set limits for all types of transactions. According to RBI’s new directive, only domestic card transactions at ATMs and point of sale devices in India will be allowed when the card is issued.

For other transactions like international, online and contactless, customers will have to get these services enabled. This initiative is taken to increase the security for card transactions.

Currently, customers can use their cards for all types of transactions immediately after issue. The decision on existing cardholders will be taken based on their risk perception.

Existing cards that were not used for online or contactless transactions will be disabled. These rules are not compulsory for prepaid gift cards and cards used at mass transit systems. Cardholders can avail the facility from all platforms throughout the day. The new rules will be effective from March 16.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV