The Debit Cards and Credit Cards have now become an essential part of our lives that we cannot imagine our day to day life without them. Be it restaurants, Shopping malls, and any supermarkets we tend to use cards for our transactions post the demonetization.
The Reserve Bank of India(RBI) has decided to impose some restrictions on some cards in the wake of the rise of online frauds. Reportedly, some of the existing cards might not work properly after the 16th of March.
“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 con tactless transaction rights. Existing cards that have never been used for online (card not present) /international /con tactless transactions shall be mandatorily disabled for this purpose. The directions are issued under Section 10(2) of the Payment and Settlement Systems Act, 2007,” the RBI said in its statement.
The main aim of the RBI is to improve the security of the online transactions done with debit and credit cards. It has been reported that the cards which have never used for any online transaction before the 16th of March will be suspended.
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