New restrictions imposed on ATM cardholders!
Posted on: 20/Dec/2021 2:35:29 PM
An important announcement has been released for ATM cardholders.
�If you are a frequent shopper using debit cards, full details are to be registered for every use of debit cards henceforth. The reason for this new regulation is that the Reserve Bank of India has imposed restrictions on the Trading/commercial Organisations to collect and use debit cards & credit cards data!
This restriction/regulation will be effective from 1st January 2022."
In the current mode of shopping, in case of payment is made through a debit card, the details of the card would already be available and hence it would just be sufficient to use the 3-digit CVV number and make the payment.
However, from 1st January, this mode of payment will NOT be possible! Because the details of the debit card already stored would be removed! As such, from 1st January, for all debit card payments, full details of the debit card MUST be entered.
This necessitates that the cardholders must all remember the credit/debit card numbers! This is will be the payment process effective from 1st January 2022.
The Reserve Bank of India has taken the initiative to disallow the storing of the data of the credit/debit cards to prevent card frauds!
