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Today the rules associated with credit-debit card have changed, your card may be closed

Today the rules associated with credit-debit card have changed, your card may be closed

If you use a debit card and a credit card, a rule has changed for you today. Starting March 16, online and contactless transaction services available on debit and credit cards will be shut down. Continuing this feature requires that you make online and contextless transactions with your debit and credit card today.

In a statement dated January 15, 2020, the Reserve Bank (RBI) told the issuing card that if any card has not been used for online transactions for a long time, it should be closed.

With the new technology, card holders do not need to swipe for transactions.

Touching the card with a Point of Sale (POS) machine makes payment. Transaction can be done up to 2000 rupees without pins. In addition, the RBI has also announced another rule regarding credit debit cards.

According to the new rule, at the time of issue / reissue of debit-credit card, they are only active for transactions at ATMs and Point of Sale (POS) terminals in the country. If the customer wants transactional, online transaction and contactless transaction services abroad, he / she will have to avail these features on his / her card separately.

People who currently have a card will decide at their own risk whether they want to disable their domestic and international card transactions. However, cards that have not yet received an online / international / contactless transaction will have these features turned off. In addition to this, banks will also have to switch cards on and off.

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