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New rules for Debit, credit cards by RBI, to be implemented from this date

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New rules for debit and credit cards: The Reserve Bank of India (RBI) issued new criteria for credit and debit card issuance in April this year.

These new rules will see fresh restrictions addressing credit card cancellation, billing, etc. Below are the three new rules of credit cards:

  • Card-issuers to seek OTP

Card issuers will seek a One Time Password (OTP) based consent from the cardholder. It will help activate a credit card if it has not been activated by the customer for more than 30 days from the date of issuance.

And in case of no consent, card issuers will have to close the credit card account. But it will be without any costs.

  • Credit limit approval

Card issuers will have to ensure that the credit limit as sanctioned to them is not breached at any point in time without seeking explicit consent from the cardholder.

  • Rate of interest

“The terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated so as to ensure there is no negative amortization. An illustration is included in the Annex. The unpaid charges/levies/taxes shall not be capitalized for charging/compounding of interest,” says RBI.

  • Tokenisation of debit, and credit cards by September 30

RBI has made it mandatory for all credit and debit card data used in transactions to be replaced with unique tokens by September 30 for extra security.

Earlier, the deadline was extended by three months starting July this year.

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Hina Fatima Khan
Hina Fatima Khanhttps://thevocalnews.com/
Multi-media Journalist based in India with an experience of 7 years in the industry, Hina Fatima Khan works as a Senior Sub-Editor at The Vocal News. Her areas of interest are Politics, Business, History and World Affairs. She is also a Space enthusiast and enjoys scrabble in the Newspapers. She has done Masters in Convergent Journalism from Mass communication Research Centre (MCRC), Jamia Millia Islamia University.
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