New System for Credit and Debit card operations from 1st July
Presently, most citizens prefer to conduct their financial transactions through credit or debit car4ds instead of directly visiting the bank. Further, they use credit cards for online shopping offers. Once the details of the individual credit or debit card are registered while buying items through the ONLINE shopping mode, all the individual personal data will be saved automatically.
The individual need not register the personal details anymore while continuing to buy online.
In this scenario, the Reserve Bank of India has released an order that the credit/debit card transaction details MUST not be registered/saved while using GooglePay, Phonepe, Netflix, and ONLINE shopping. This restriction will be implemented from 1st July.
As such, this change has been carried out all of a sudden in the procedure of financial transactions through the credit card / debit card !
Henceforth, the cardholders have to use the tokens especially prepared for these transactions through credit/debit cards. Further, an order has been released by the Reserve Bank of India to the banks and other financial concerns that new credit cards MUST NOT be issued without the approval of the concerned customer. Moreover, the ONLINE traders CAN NOT SAVE the 16-digit PIN Number of the credit cards, the validity period of the card, the card index number, etc., FROM 1ST July.
Source Link : https://www.livechennai.com/detailnews.asp?newsid=63050
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