Debit, Credit Cards not Used for Online Transactions to be Disabled
GUWAHATI: The Reserve Bank of India (RBI) recently issued a notification asking all banks and card issuers to disable online payment services of all the credit and debit cards which have never been used to make an online transaction.
The move was reportedly undertaken by the RBI to ensure security of the cardholders.
"Existing cards that have never been used for online/international/contactless transactions shall be mandatorily disabled for this purpose," stated the RBI in a notification on Wednesday.
As per reports, the new rules will come into force from March 16, 2020. Further, once the card becomes disabled, the card holders would have to reapply for the services.