This comes as refreshing news for debit, and credit card users as the Reserve Bank of India (RBI) has now issued new guidelines to make transactions more secure and prompt users to be more disciplines towards their finances. Moreover, the card-users will be able to opt for preferences--spend limits, opt-in or opt-out of services, for online transactions, contactless card transactions. The debit and credit cards issued by the bank will only be enabled for domestic transactions at ATMs and point of sale (PoS) terminals. If the cardholders want to enable credit or debit card outside India, they need to seek permission from the bank for international transactions. To summarise all the points made in the above statements, a cardholder can set separate limits for each channel such as ATM, PoS, NOC, and put a cap on online card transactions, and international spending.

Source: dna September 30, 2020 10:27 UTC