You will also be scared to hear the news of Online Fraud. Do not know who steals the details of your Debit card and the money disappears from your account. There is no need of OTP or PIN for overseas site or shopping abroad.
But now you will reduce your anxiety. Because the Reserve Bank has given you the right to decide the use and limit of ATM card and credit card. SBI customers will also get this facility.
In this post, we will tell you what is the latest Reserve Bank order regarding debit card and credit card and how you can reduce the scope of fraud from it.
Why the need to set the limit for card use?
Friends, ATM or debit card has become the need of everyone today. Because it is difficult to withdraw money without it. But apart from this you can shop at the shop using the debit card and do online shopping.
But there is a high possibility of fraud on payment by card. And that’s why many people use ATM cards just to withdraw money. Credit cards are rarely used. But now after the transaction limit is in their hands, their worries will reduce significantly.
In fact, to prevent fraud involving the card, the Reserve Bank has banned the open use of the card. For this, banks have been given clear direction. The latest Reserve Bank order is effective from 16 March 2020.
New Card Limited Use
Now whenever the bank gives a new debit or credit card to someone, online shopping will not be able to be done nor can it be used abroad. The new debit card will only be used to withdraw money from ATMs in India and make payments at shops.
But if you want to use your card for online shopping or for payment abroad, then you have to activate this facility. Till now this facility was available on the card itself.
Facility to use old card
Not only that, cards which have already been issued. Their safety will also be improved. Given the risk to the customer, banks themselves will decide whether to activate a man’s card for international transaction and online transaction. But if a person has not used his card for international transactions till date, then this facility will be abolished immediately with that card.
Customers will decide the limit of card usage
Actually, after the order of the Reserve Bank, now every bank customer will have the right to fix their card facilities and limit.
- Customers will decide that their card is used only at ATMs and shops in India
- Customers can switch on or switch off online payment facility whenever they want.
- Similarly, the facility of international transactions will also have the right to be turned on and off.
- Not only this, customers will also be able to decide what is the limit for one type of transaction.
- For example, if you want that the amount of Online Transaction does not exceed ten thousand rupees, then you can also fix this.
There will be facility to set limits
The Reserve Bank has ordered that customers should get this right to set their card limit round the clock and every day. Meaning when you want, you will be able to strengthen your card security.
For this, banks will have to provide this facility in their net banking portal, mobile banking app, IVR and ATM. Apart from this, if the customer wants to go to the branch, he can also ask to change the limit of his card.
If there is any change in the limit of the card, the banks will immediately inform it via SMS or email.
How to Set Limit? How to set your SBI card limit?
However, before this order of the Reserve Bank, many banks were giving such convenience. State Bank customers can set their card limits through the mobile banking app of the net banking portal, SMS and SBI. ICICI Bank also offers this facility in iMobile App and NetBanking Portal.