RBI's 3 major rules for ATM card; follow these to prevent financial losses
Know what those three rules are.
New Delhi: The Reserve Bank of India (RBI) has made several new guidelines regarding the use of debit cards and credit cards effective from October 1, 2020, to make the transaction more secure and safer.
The RBI has directed all banks to not unnecessarily give international facilities to customers' cards unless the customer himself demands it. The move is aimed to stop increasing fraud transactions using debit and credit cards.
Also in the backdrop, RBI Says, Public Awareness initiative of the central bank has issued an alert to customers on how they can follow three rules of ATM card to prevent financial losses.
RBI Says has tweeted:
.@RBI कहता है..— RBI Says (@RBIsays) October 1, 2020
अपना कार्ड सुरक्षित रखें
-लेन-देन के लिए दैनिक सीमा तय करें
- घरेलू/अंतरराष्ट्रीय उपयोग के लिए सीमा तय करें
-अंतर्राष्ट्रीय उपयोग चालू/बंद करें
यह धोखाधड़ी से होने वाले नुकसान, और आपके खर्च, दोनों को सीमित रखता है#rbikehtahai #StaySafehttps://t.co/mKPAIp5rA3 pic.twitter.com/m2OrHfl7uR
As per the three rules, you need to follow
Set your transaction Daily Limit
Set Domestic/ international limit
Start or stop international limit
The debit cards, also popularly known as ATM cards can be used to withdraw cash from an ATM, purchase of goods and services at points of sale (PoS) terminals, or e-commerce (online purchase). While they can be used domestically, international usage is also allowed if requested by the holder of the card. They can also be used for domestic funds transfer from one person to another subject to prescribed limits and conditions.
As per new guidelines, customers will get the option to register for preferences such as opt-in or opt-out services, spend limits, and other services for online transactions, international transactions, and contactless transactions. Both debit and credit holders will now be allowed to set up transaction limits.