RBI imposes curbs on globally valid cards

Move aimed to check fraudulent transactions

With electronic payment systems becoming vulnerable to new types of misuse,the Reserve Bank of India (RBI) has asked banks to issue new debit and credit cards only for domestic usage unless international use is specifically sought by the customer.

Such cards enabling international usage will have to be essentially EMV Chip and Pin enabled by June 30,2013, the RBI said in a notification to banks. Issuing banks should convert all existing MagStripe cards to EMV Chip card for all customers who have used their cards internationally at least once.

EMV stands for Europay,MasterCard and Visa,a global standard for inter-operation of integrated circuit cards (IC cards or chip cards) and IC card capable point of sale (POS) terminals and automated teller machines (ATMs),for authenticating credit and debit card transactions. It is a joint effort between Europay,MasterCard and Visa to ensure security and global interoperability so that Visa and MasterCard cards can continue to be accepted everywhere.

Story continues below this ad

According to the RBI,banks should provide easier methods like SMSes for customers to block cards and get a confirmation to that effect after blocking the card. Banks should move towards a system that facilitates implementation of additional factor of authentication for cards issued in India and used internationally (transactions acquired by banks located abroad).

The RBI said all the active MagStripe international cards issued by banks should have threshold limit for international usage. The threshold should be determined by the banks based on the risk profile of the customer and accepted by the customer by June 30,2013.

Till such time this process is completed an omnibus threshold limit (say,not exceeding $ 500) as determined by each bank may be put in place for all debit cards and all credit cards that have not been used for international transactions in the past, it said.

The police said the trio from Chandigarh — Rohan (21), Sumit (22), and Mohit (19) — were dhol players by profession and had procured the weapons due to an old rivalry with local residents.

Suspecting affair, Odisha lecturer assaults wife and her friend, parades them on street

India4 hr ago

A lecturer of Commerce and his associate were arrested for assaulting his wife, garlanding her with slippers and parading her on the road with her male friend. The woman, who has been living separately from her husband, was assaulted and humiliated in public. The incident was recorded and shared on social media. Police have seized evidence and are investigating the matter.

View all shorts

Live Blog