Debit or credit cards never used for online transactions to be cancelled soon: RBI
অনলাইনে ব্যবহার না করা ডেবিট বা ক্রেডিট কার্ড শীঘ্রই বাতিল হচ্ছে : রিজার্ভ ব্যাঙ্ক

January 16: All those Debit Cards and Credit Cards which are never used for online transactions, will soon be blocked.The Reserve Bank of India on Wednesday introduced new rules to enhance the security features of debit cards and credit cards. Once blocked, the user will need to reapply for cashless payment feature on the debit/credit card. This blocking of debit/credit cards will begin after 16 March, 2020.

New Rules For Debit Cards:

Besides this, RBI has announced several new rules for usage of debit cards and credit cards.

• By default, every debit card will be activated only for domestic transactions such as ATM withdrawals from domestic ATMs, and usage of cards at domestic merchants
• By default, every new card will have the facility of online transactions, new banking, contact-less transactions switched off. The user will have to apply separately for the same.

• International transactions, by default, will be switched off for all users. Only via reapplying for this service, banks will enable it
• Users will now have the option to ‘switch on, off’ online services on their debit cards, right in the ATM kiosk. They can also set limit of cash withdrawal at ATMs.

These rules will not be applicable for prepaid gift cards and those cards used at mass transit system, the central bank added. This new rule for debit and credit cards will come into effect after 16 March.