Digital Banking

New ATM card rules for India

Photo provided by iStock

September 30, 2020

As of Oct 1, the Reserve Bank of India is asking that all banks, and other card-issuing companies within the country, disable online payment services of debit cards until card holders specify daily spending preference, as well as withdrawal limits.

In addition to choosing their daily spending limit, ATM card holders will have the option to allow or block a variety of services such as e-commerce, according to a Hindustan Times report.

Banks and card-issuing companies have also been instructed to disable any credit card that has not been used for digital payment in either India or abroad.

The ATM and credit card rule was established by the RBI to help reduce card-cloning fraud in India, according to the report.