The Reserve Bank of India (RBI) has enhanced the Security of Card Transactions. Over the years, the volume and value of transactions made through cards have increased manifold.
In a Communication issued by RBI said that, At the time of issue / re-issue, all cards (physical and virtual) shall be enabled for use only at contact-based points of usage [viz. ATMs and Point of Sale (PoS) devices] within India. Issuers shall provide cardholders a facility for enabling card, not present (domestic and international) transactions, card-present (international) transactions and contactless transactions, as per the process outlined in para 1 (c).
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. Existing cards that have never been used for online (cards not present) / international/contactless transactions shall be mandatorily disabled for this purpose.
Additionally, the issuers shall provide to all cardholders:
