12th February, 2020
There is going to be a change in the rules for withdrawing money from ATM card (RBI allows cardholders to enable disable cards online) from March 16, 2020. According to the RBI, new rules have been introduced to make transactions (transactions of money) from debit cards i.e. ATM and credit cards easier.
Also, securing the money deposited in the account is also the main objective of these new rules (RBI allows use to modify transaction limits). Let us tell you that earlier also, from January 1, 2020, SBI had issued new rules to withdraw cash from ATMs. Now SBI has started one-time password-based cash withdrawal system at ATMs.
Under this, to withdraw cash from the ATM from 8 am to 8 am, you have to tell the OTP on the registered mobile number in the bank. This rule is applicable to cash transactions of more than 10 thousand rupees.
Let us know which new RBI rules are coming into effect from 16 March 2020 ...
(1) The Reserve Bank of India (RBI) has asked banks to issue only domestic cards at ATMs and POS terminals in the country while issuing / reissuing cards. Approve transactions only with those who do not have to go and travel abroad and will not get overseas facilities on their bank card. Now, these services will start only after applying to the bank. Till now banks start all these services without a demand.
If the customer wants the service of transactions abroad, online transactions and contactless transactions, then he has to take these facilities separately on his card. This means that if you want the convenience of abroad or online or contactless transactions, then you have to take this service separately.
Those who currently have the card will decide on their own risk whether they want to disable their domestic and international card transactions. That is, if you want, you can also disable your debit or credit card. It will be mandatory to discontinue these facilities in those cards which have not yet had online/international/contactless transactions.
(3)Customers can turn on / off their card or change the transaction limit at any time around the clock 24 hours a day. For this, they can resort to a mobile app or internet banking or ATM or IVR.
(4) Banks should now allow their customers to change the transaction limit for POS / ATM / online transactions / contactless transactions both domestically and overseas. Along with this, banks will also have to allow the card to switch off and switch on.
(5) Tell you that these new rules will not be applicable to prepaid gift cards and metro cards.