The Federal Reserve Bank of India has issued some guidelines specifically for debit and credit cards, which can strengthen security and convenience of transactions, w.e.f Oct 1, 2020. The Federal Reserve Bank of India has recently introduced a number of measures to curb banking fraud and misuse of cards.The new rules are aimed toward making digital payments secure and safe for users. New Guidelines about new debit and mastercard
Till now, most of the banks issue cards that, by default, are often used anywhere within the world.
• Banks will have the proper to deactivate current cards and reissue them supported risk perception.
• If a person has not used their card for online transaction, international transactions and contactless transactions before, the bank will have an choice to disable these options.
• Customers will have the choice to modify on and cut their cards or any particular facility like ATM transaction, online transactions available within the debit or credit Card . Cardholders also can get the power to line their transaction limits, said RBI