Photo: The Economic Times
RBI Announces Tokenization Of Credit,Debit Cards, Implemented From July 1
Aiming security of credit, and debit card data, the Reserve Bank of India (RBI) is set to implement tokenisation of card transactions. In regard to this, the RBI proposed new rules, implemented from July 1. In addition, the RBI extended the timeline for adherence to certain directions till October 1. The new rule has been implemented with rules, designed to ensure cardholders' security as the main highlight.
Tags: Cardholders, Credit Card, Debit Card, RBI, Security
Courtesy: The Free Press Journal
Photo: TV9 Gujarati
RBI Grants Banks, NBFCs 3 Month Extension To Adhere To Certain Credit, Debit Card Norms
Reserve Bank of India gave banks and non-banking financial companies (NBFCs) a three-month extension on June 21 to comply with certain rules connected to providing credit and debit cards, including card activation without clients' approval. Banks and NBFCs were supposed to adopt Master Direction on "Credit Card and Debit Card - Issuance and Conduct Directions, 2022" on July 1. The schedule for implementing remaining aspects of Master… read-more
Tags: RBI, Report, Credit Card, Debit Card, non-banking financial companies
Courtesy: DNA India
Photo: The Financial Express
New Auto-Debit Payment Rules Applicable From Oct 1
New rules for auto-debit payments via credit and debit cards are set to come into force from October 1, where recurring auto-debit payments above ₹5,000 will require Additional Factor of Authentication (AFA). An OTP will have to be validated by a customer each time a payment is due. Customers will receive a pre-debit (SMS/e-mail) notification 24 hours before the payment.
Tags: Debit Card, Credit Card, Banking services
Courtesy: Livemint
Photo: The Shutterstock
MasterCard Ban Gives Edge To Visa For Issuing New Cards: RBL Bank
Reserve Bank of India (RBI) impeded MasterCard from issuing new cards to national customers from July 22, over violating data storage regulations without harming the existing customers. Meanwhile, the RBL Bank has signed a contract with Visa Worldwide to issue new credit cards. Approximately, there are 3 million credit card customers under RBL and is the fifth largest credit card issuer in the country.
Tags: RBL Bank, Credit Card, Debit Card, Reserve bank of India
Courtesy: Hindustan Times
