Important announcement from RBI for the ATM card holders!!
Posted on: 20/Dec/2021 9:14:40 AM
Reserve Bank of India or RBI has been taking many efforts to prevent online frauds is well known to us. Now, RBI has taken this important decision to safeguard the public.
Many people do shopping etc these days using their Debit cards as they find it very comfortable!!
It is mentioned that the public would have to register entire details about their cards whenever they do shopping through debit cards etc. Point is that the RBI or Reserve Bank of India has banned businesses from storing credit as well as debit card details. From 1st January 2022 onwards, this ban would come into effect.
In the normal circumstances, while using a debit card to pay the shopping bills, the details of the card would have been stored already and keeping 3- digit CVV number payment could be done. From 1st January onwards, it would not be possible to make payments by the old procedure.
It must be taken into note that the details like card number etc would have been erased. While paying the shopping bills using debit cards etc, the person would have to register their card numbers completely. The main objective behind this is to make people remember their debit-credit card numbers compulsorily.
