RBI’s new rules for debit, credit cards come into effect today. Here’s all you need to know

New rules for debit and credit cards, which were issued by the Reserve Bank of India (RBI) in January in a bid to increase security and reduce frauds, came into effect from Monday. Under the new rules, all card issuers (banks and financial institutions) can enable or disable their cards for different types of use.

Here’s all you need to know about the new rules for debit/credit cards:

From Monday onward, the cards will be enabled for contact-based points of usage only at the time of issuing or reissuing cards. Online use or contactless transactions will remain disabled and can further be enabled by the cardholder.

For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on cards.

Cardholders can now also modify transaction limits within their overall card limit for all types of transactions. This includes domestic and international transactions, at PoS machines, ATMs, for online transactions and contactless transactions. This facility will be available on a 24×7 basis through the bank’s mobile application, internet banking, ATMs, interactive voice response (IVR) and at a bank’s branch or office.

For existing cards, issuers can take a decision, whether to disable the card, not present (domestic and international) transactions, card-present (international) transactions and contactless transaction rights.