Reserve Bank of India ask banks to give more information on cards to customers

Reserve Bank of India ask banks to give more information on cards to customers

Reserve Bank of India has now asked the banks operating in India to give more information to their customers on usage of debit and credit cards.

They would require to comply by this ruling by August this year.

RBI has taken this step to make sure that users are not duped during online transactions.

This ruling applies to situations where the card is not required to be physically present.

This is mostly applicable during online transactions along with mail-in orders.

RBI has also asked the banks to start delivering online alerts to customers during these transactions.