According to the new rules issued by RBI, now credit and debit card users can change the limit of their transactions at any time of the day.
The Reserve Bank of India has recently made a major change in the rules of credit and debit cards. These changes made by RBI are going to come into effect from September 30, 2020. If you are a debit and credit card user, then know these important changes. For your information, let us know that these changes made by RBI were to be made much earlier. However, these changes were postponed due to the increasing corona infection. But, after unlocking, its deadline has been fixed on 30 September.
These changes are happening in credit and debit cards
Credit and debit card users will now have to clarify their preference for international transactions, domestic transactions, online transactions, transactions with contactless cards. In simple words, if you want to continue or need credit and debit card service, then you will have to apply again.
RBI said this to banks
RBI has made it clear to banks that customers should be provided with the facility that they can avail international transactions on their card anytime. Also, the user should be given the right to activate and discontinue any service on his credit and debit card. He should decide for himself which facility he wants and which not.
Credit and debit card users will get these facilities
According to the new rules issued by RBI, now credit and debit card users can change the limit of their transactions at any time of the day. Due to which you can change your limit at any time with the help of mobile app, internet banking, ATM machine or IVR.