RBI implemented New rules from Today , See here now
If you also use debit and credit card then definitely read this news. Yes, from March 16, an online service on debit and credit cards is going to be discontinued from March 16. To continue this facility, it is necessary that you make online and contactless transactions with your debit and credit card at least once before March 16.
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Therefore, if you want that this service on your card is not stopped, then it must be used at least once before March 16. Apart from this, many rules related to banking will be changed from 16 March. Under this, you can turn your card on / off or change the transaction limit at any time around the clock, 24×7.
RBI is implementing these rules from Today
Let me tell you that the RBI has asked banks to approve transactions only with domestic cards at ATMs and POS terminals in the country at the time of issue / reissue of the card i.e. those who do not have to go abroad and on their bank cards Overseas facility will not be available.
It is known that now these services will be started only after applying to the bank. Till now banks start all these services without demand.
Now customers can turn on / off their card or change the transaction limit 24 hours a day, seven days (24×7).
For this they can resort to mobile app or internet banking or ATM or IVR. These new rules will not apply to prepaid gift cards and metro cards.
Know what is contactless transaction?
The contractless transaction facility was introduced shortly before.
With the help of this technology, the card holder does not need to swipe for the transaction.
Point of sale (POS) is paid when the card is attached to the machine.
Two techniques used in contactless credit cards are ‘Near Field Communication’ and ‘Radio Frequency Identification’ (RFID).
Explain that when such a card is brought to a card machine equipped with this technology, the payment is made automatically.
If the card is kept in the range of 2 to 5 centimeters of the machine, payment can be made.
This does not require inserting the card into a machine or swiping it.
Explain that neither PIN or OTP is required to be inserted into it.
The maximum limit for contactless payment is Rs 2,000. Five contactless transactions can be done in a day. Paying more than this amount requires PIN or OTP.
Know how contactless card works
A special symbol is made on these cards and machines. On this machine, the card has to be placed or shown at a distance of about 4 centimeters and the money is deducted from your account, that is, there is no need to swipe or dip the card nor enter the PIN.