Banks Can Now Disable Debit Or Credit Cards For Online Transactions. Know What It Means To You

In order to secure banking transactions and curb misuse of cards, the central bank has issued new guidelines that have been effective starting October. CBDT Extends Belated, Revised ITR Filing Deadline For AY 2019-20 | Check Details From this month onward, all the new debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs and point of sale terminals. The Reserve Bank of India directed all banks and other card-issuing companies to disable online payment services of all debit or credit cards which have never used in any kind of digital payment both within the country and or abroad. As a cardholders you need to connect with bank to enable any other facilities including online transactions, international transactions and contactless transactions for debit and credit cards. You will now be able 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.For existing debit, credit cards, issuers may take a decision, based on their risk perception, whether to disable the card not present transactions, card present transactions and contactless transaction rights.