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| 29 November, 2020, 06:56 AM IST | E-Paper
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5 changes to debit, credit card transactions from March 16

Synopsis

In case a card has not been used for online transaction, international transactions and contactless transactions before, the bank has an option to disable these options.

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Banks will have the right to deactivate current cards and reissue them based on risk perception.
1. All debit and credit cards that have been newly issued or reissued from 16 March 2020 will only be enabled for domestic transactions at ATMs and point of sale terminals.

2. Cardholders will have to request the issuing bank to enable facilities like online transactions and contactless transactions.

3. If a customer needs to use his cards in international destinations, he will have to request the bank to enable international transactions.

4. In case a card has not been used for online transaction, international transactions and contactless transactions before, the bank has an option to disable these options.

5. Banks will have the right to deactivate current cards and reissue them based on risk perception.

(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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