News

RBI limits use of ATM, credit cards outside of India

April 1, 2013

In an attempt to stem rising credit card fraud, the Reserve Bank of India has asked banks in the country to issue debit and credit cards for domestic use exclusively. In order to get an international card, the customer would have to ask for it specifically.

Further, by June 30, cards enabled for international use must be EMV smart chip-enabled, the RBI said in a statement. "Issuing banks should convert all existing mag stripe cards to EMV chip card for all customers who have used their cards internationally at least once."

The report from Indian Express also said that banks should make it simpler for customers to block card use, allowing the customer to make the request via text message with a confirmation text following from the bank.

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