The number of Digital frauds have significantly grown during the COVID Lockdow period. In order to prevent the growing cases of Online frauds, the Indian Reserve Bank has made few changes in International Transaction, Online Transactions and Contactless Transaction rules. The new guideline comes into force starting from today. So let’s know about these new rules.
According to the rules of Reserve Bank, the customers need to set the limit of their credit cards. They also have to set limit for ATM, POS Machine, Online Transfer and Online purchases. You can set these limits from Online Banking, Mobile Banking or by visiting the nearest ATMs.
According to the new norms, the Debit and Credit card Customers have to set preference for International, Online, and Contactless transactions. By doing so the Customers would get any special service if they want.
The customers applying for new cards have to register for every single service they want. The new cards will be issued only with domestic transaction facility from the ATMs or POS Machines. For the rest facilities, you have to register with the bank.
Many International E-commerce Websites neither ask for CVV nor for OTP and directly transact from the card. But with the new rule, all such transactions will be declined and the users again have to set limit for the International transactions.