RBI Gives Card Issuers 60 Days To Improve Security Features

To improve user convenience and increase the security of card transactions, the Reserve Bank of India (RBI) has given two months’ time to card issuers to decide, based on their risk perception, whether to disable the card-not-present (domestic and international) transactions, card-present (international) transactions, and contactless transaction rights.

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Existing cards, which have never been used for online (card not present) / international/contactless transactions will be mandatorily disabled for this purpose, the RBI said in a circular on ‘Enhancing Security of Card Transactions’, issued to banks, authorised payment networks and non-bank pre-paid instrument issuers.