As per Reserve Bank of India (RBI) guidelines, new card security features to go live soon --:- www.deekpay.com

In order to enhance user experience, safeguard debit card digital payments and prevent fraud, the Reserve Bank of India (RBI) has issued a set of new regulations which will come into effect from 1 October 2020 onwards. Below are the new guidelines set by RBI for users:

At the time of issue or re-issue, all debit cards (both physical and virtual) will be enabled by default for use at Automated Teller Machines (ATMs) and Point of Sale (PoS) facilities nationwide. If a cardholder wishes to use his debit card internationally, he will need to apply to his bank to enable international transactions.

RBI has asked all card issuers to decide, after assessing the risk, whether to disable the online transaction functionality of cards that have never been used for online or contactless transactions in India or overseas.

Under the new regulations, cardholders have the option to switch on/off the transaction function and set/change the transaction limit, provided that it is within the maximum card limit set by the card issuer. This feature is applicable to all types of transactions, including domestic and international PoS/ATM/online transactions/contactless transactions, etc.

Cardholders can enable/disable or amend transactions at any time, 24 hours a day, through various channels such as internet banking, mobile apps, ATMs, Interactive Voice Response (IVR) or bank branches.

In addition, cardholders will be notified via SMS or email when any user's debit card status changes.

Cardholders will also be given the option to enable or disable the Near Field Communication (NFC) feature.

The new rules issued by RBI apply only to debit and credit cards and not to prepaid gift cards or other cards used in mass transit systems.

Let's take a quick look at the latest changes we have made to enhance your card security! Here are 6 simple steps that will help you enable your cards and set limits through the Paytm app:

Make sure you have updated the app from the App Store or Play Store.

Click on the bank icon.

Click on the debit card image for more details.

Click Manage Cards to access card management details.

Click Change Card Limits to enable blocked transactions and set transaction limits.

Use the toggle buttons to enable your card's online transaction capabilities and set limits.

India's most sincere bank is always happy to help you!

Reference: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT1428F92B2AAA61D4BDDBF00E9E3904093CA.PDF

According to RBI, these directions have been issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).