Enhancing security of digital transactions, RBI asks issuers to provide facility to switch on, off cards

Mumbai, January 17: Aimed at enhancing security for digital transactions, the Reserve Bank of India on Friday asked banks and other card-issuing companies to provide facility to customers to switch on and off their debit or credit cards. "At the time of issue or re-issue, all cards, physical and virtual, should be enabled for use only at contact based points of usage ATMs and Point of Sale (PoS) devices within India", said the Central Bank in its statement.

 

 

Adding that the channels should include mobile application, internet banking, automated teller machines, or interactive voice response, the RBI also noted that the issuers should provide cardholders a facility for enabling card not present transactions, card present, international, transactions and contactless transactions.

The RBI further said that for existing cards, issuers may take a decision, based on their risk perception, whether to disable the card not present (domestic and international) transactions, card present (international) transactions and contactless transaction rights.