According to a new rule made by The reserve bank of India, your card be it credit or debit will get disabled if you have never used it for any online purpose.
The rule has been announced recently. However, in their notification released on 15th January, it was stated that users must be careful with the use of their credit and debit cards.
RBI has called the banks and allowed the domestic card transactions at ATM and the POS terminal in India. For the online transactions, card not present transactions, contact less transaction, international transactions and such, users have to set up their services on the card.
The rule will be followed from 16th March, 2020. and those who are already having the cards have a choice to decide if they want to disable any feature or not.
People with existing cards, can take a decision which will be based on the risk perception if they want to disable the card which is not present domestic or international for the transactions. If those cards have never been used for any online or international or contactless transaction, then the cards will get disabled for the purpose.
The users will also have the access to switch on and off or to change the transactions limits through the channels which can be either ATM, internet banking, interactive voice response or mobile application.
The issuers will provide the enough facility to all the card holders so that they can set, switch on, switch or can edit the transaction limit according to their own. These transactions will be for all, domestic, international, online transaction and for contactless transaction.
People must follow the guidelines if they want to use their cards online.