In India, with the increasing technological advancement, the use of debit cards and credit cards in money transactions is constantly increasing.
Meanwhile, credit and debit card users in India are said to have received a lot of complaints recently. Those complaints are often, overcharged. There have been many complaints, including a lack of explanation.
Due to this, the Reserve Bank of India has issued new regulations on the issuance and use of debit and credit cards across the country. All of these terms will come into effect from tomorrow.
If the client needs to utilize credit and charge cards exterior India, he can inquire about the concerned banks and avail the facility.
However, these restrictions do not apply to holders of cards issued by banks earlier to this declaration.
Under the new rules, customers can now change the transaction limits within 24 hours.
Transaction limits can be changed through mobile processors, e-banking services, ATM machines, IVR call services.