Login With Google
Offer ‘enable’, ‘disable’ options in cards: RBI
Why is it in the news?
- The Central Bank of India has asked issuers of credit and debit cards as well to provide the option of disabling and enabling cards.
- RBI has also asked the same to non-bank prepaid payment instrument.
More in the news
- The move aimed at customer convenience.
- Issuers of cards have been asked to provide cardholders a facility for enabling:
(1) Card not present (domestic and international) transactions
(2) Card present (international) transactions
(3) Contactless transactions
- Facilities to Customers:
(1) RBI said the customers should have the facility to switch on or off and set or modify transaction limits for all types of transactions.
(2) Prepaid gift cards and those used at mass transit systems have been kept out of this new rule.
Source
The Hindu.