The Reserve Bank of India in its Notification dated 15th January, 2020 has issued compliance directions to enhance security of card transactions under the Payment and Settlement Systems Act, 2007 and this Notification shall be effective from 16th March, 2020.
Issuers shall provide cardholders a facility for enabling card not present (domestic and international) transactions, card present (international) transactions and contactless transactions.
The issuers shall provide to all cardholders the following:
- Facility to switch on or off and also modify transactions limits.
- facility on a 24×7 basis through multiple channels – mobile application / internet banking / ATMs / Interactive Voice Response.
- Shall provide notifications through SMS or via when there is a change in the status of the card.
For existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, card present (international) transactions and contactless transaction rights. Existing cards which have never been used for online (card not present) / international / contactless transactions shall be mandatorily disabled for this purpose.
Click here to read the Notification.
