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RBI new guidelines / RBI new rules for credit and debit card
Two minute reads :
The new RBI guidelines will be applicable for transactions using all types of cards – Debit, credit, UPI and PPIs, including wallets.
RBI new guidelines :
- Auto payments from debit and credit cards will not require additional authentication from April 1.
- The limit for auto debit cards and wallets is set at ₹ 5,000 and for transactions above the cut off, an additional One Time Password ( OTP ) will be needed.
- The bank has to send a notification to the customer before conducting any transactions.
- It has to be sent by the bank at least 24 hours before the amount is debited from a customer’s card or wallet.
- It has the worth mentioning that the customer had to choose the mode either SMS or Email for receiving the notification of transaction.
- The new rules are likely to affect enterprises that often use auto payments for their recurring charges.
About Reserve Bank of India ( RBI)
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra
- Governor : Shaktikanta Das
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