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Introducing card security features as per RBI guidelines

  • Post published:October 2, 2020
  • Post category:Bank / Stories

Introducing card security features as per RBI guidelines

In order to improve the user experience and to secure digital payments via debit cards from fraudsters, the Reserve Bank of India has come up with new guidelines that would be effective from 1st October, 2020. Here are the new set of guidelines for users by the RBI:

  1. During the time of issue/re-issue, all debit cards, both physical and virtual shall be enabled for use at the ATMs and Point of Sale (PoS) devices, across India.
  2. If the cardholder wishes to use his Debit Card anywhere outside India, he will have to ask his respective bank to enable international transactions on his card.
  3. RBI has asked all the card issuers to decide after accessing the risk involved whether to disable online transaction facility on those cards which have never been used for both online as well as contactless transactions in India or abroad.
  4. As per the new guidelines, the cardholders can opt for switch on/off and set/modify transaction limits facility but only within the maximum card limit (if set by the issuer). This facility is available on all types of transactions including domestic and international at PoS / ATMs / online transactions / contactless transactions, etc.
  5. Card holders will have 24 x 7 access to either switch on/off or modify transactions through various channels including internet banking, mobile application, ATMs, Interactive Voice Response (IVR) or bank’s branches/offices if feasible.
  6. Also, whenever the Debit Card status of any user changes, he will be notified via SMS or e-mail.
  7. Card holders will also get the facility to either enable or disable the NFC (Near Field Communication) feature.

The new rules issued by the RBI apply only to Debit and Credit Cards and not on prepaid gift cards or other cards used at mass transit systems.

Let’s quickly go through the latest changes we have done to improve your card security now!

These 6 simple steps will help you enable your card and set limits via Paytm app:

  • Please make sure you have updated your app from app store or play store.

  • Click on Bank icon

  • Click on Debit card image to view more details

  • Click on manage card to access card management details

  • Click on change card limit to enable your card for blocked transactions and set transaction limits

  • Use the toggle button to enable your card for online transactions and set limits

India’s most sincere bank is always happy to assist you!

 

 

 References

  • https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT1428F92B2AAA61D4BDDBF00E9E3904093CA.PDF
  • As per RBI, these directions are issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).
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