New Delhi: With the start of the new year, the rules associated with credit and debit cards are going to change drastically. The rules attached to your debit and credit cards are being changed by the RBI. With effect from 1 January 2021, you will now be able to make additional payments through contactless debit and credit cards.
In fact, contactless credit cards were issued by the Indian company RuPay under the One Nation One Card scheme. With this card, you can make payments anywhere from public transport to shopping malls.
In fact, RBI Governor Shaktikant Das said earlier this month that from January 1, you will be able to pay up to Rs 5,000 instead of Rs 2,000 in transactions without entering a PIN number from your debit or credit card. At present this limit is Rs.
The contactless transaction does not force the cardholder to swap his card in the machine or enter the transaction by entering the PIN number. This card is given a chip through which the payment is done automatically if the radio frequency identification technique takes the card to the machine.
Payment can be made if the machine is kept in a range of 2-5 cm in such a card. That is called a contactless payment. The financial limit for payments made through this card was Rs 2,000 per day but now it has a transaction limit of Rs 5,000.
SBI, PNB, ICICI Bank, HDFC Bank, and other banks' credit card and debit cardholders were given some services during the COVID-19 lockdown and notably, these services have ended from 30th September 2020 midnight. In fact, the State Bank of India (SBI), ICICI Bank, and HDFC Bank have already started sending messages to customers in this regard as these services are going to end for all customers of these three banks. These banks had to stop these debit, credit card services in the wake of the Reserve Bank of India (RBI) changing relevant norms. These services are related to international transactions.
As per the new RBI norms, bank customers will have to share their priority for international, online, and contactless transactions from their credit cards and debit cards. This means a credit or debit cardholder will have the luxury to choose international, online, or contactless transactions for its debit or credit card. If they don't want these services on their debit or credit card, banks won't be able to enable these services on their own and charge customers for these services. So, for those customers who don't go abroad, they can deactivate the international transaction facility on their debit or credit card.
The ICICI Bank has sent messages to its customers telling them about the online transactions getting stopped from midnight today. However, the message also reads that to enable this service, one can avail of the ICICI Bank's 24X7 online service. The ICICI Bank allows its customer to enable and disable international transactions through iMobile and internet banking.
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