RBI changed rules to withdraw money from bank ATM card, will be applicable from 30 September
New Delhi: With the annual report currently released by the RBI i.e. Reserve Bank of India, it has been mentioned that the usage of ATM card, that is, debit and credit card has been duly increasing in the last few years. The reason why the Reserve Bank has been continuously taking steps to increase safety in card transactions. Nonetheless, in the same context, the RBI has issued new rules related to ATM cards. RBI has recently even asked banks to allow only domestic cards to be used at ATMs and PoS at the time of issuing cards in India.
It is said that separate approval has to be taken for international transactions, in a statement issued by the RBI. Besides, for online transactions, no card transactions and contactless transactions, customers have to establish the services on their card separately. These fresh rules were released in January. But provided the extraordinarily awful situation caused by the Covid-19 pandemic.
Understand about the new rules of debit and credit issued by RBI :
(1) Apparently, RBI has asked banks that now customers should permit domestic transactions while issuing debit and credit cards. Also, considering it is transparent that if there is no need, withdraw money from the ATM machine and do not allow foreign transactions for shopping at the POS terminal.
(2) Alongside these, as of fact, for international transactions, online transactions and contactless card transactions, customers have to separately register their preference for this. This means that if the customer needs it, then only he will get this service, that is, he will have to apply for it.
(3) For existing cards, issuers can take a decision based on their risk perception. This means that whether you want domestic transactions or international transactions with your card. The customer, so as information, can conclude this at any time and which service he has to activate and which activator.
(4) An individual customer can alter the limit of his transaction at any particular time 24 hours a day. In a very simple manner to put words, now you can set your ATM card by utilising the mobile app, internet banking, ATM machine, and anytime its transaction limit through IVR.
(5) Nevertheless, these rules related to ATM cards and credit cards issued by RBI will be applicable from 30th September, 2020.