RBI Asks Banks To Provide Facility To Switch On, Off Debit, Credit Cards To Prevent Frauds
Mumbai The RBI on Wednesday asked banks and other card issuing companies to provide facility to customers to switch on and off their debit or credit cards a move aimed at enhancing security for digital transactions.
As over the years the volume and value of transactions made through cards have increased manifold the RBI also said that at the time of issue or re issue all cards physical and virtual should be enabled for use only at contact based points of usage ATMs and Point of Sale PoS devices within India.
Issuers should provide cardholders a facility for enabling card not present domestic and international transactions card present international transactions and contactless transactions the RBI said in a circular while prescribing certain norms.
Card not present refers to online transactions....facility to switch on or off and set or modify transaction limits within the overall card limit if any set by the issuer for all types of transactions. domestic and international at PoS or ATMs or online transactions o contactless transactions should be provided on a all time basis through multiple channels it said.
The channels should include mobile application internet banking automated teller machines or interactive voice response.