The recent Series of Credit Card Frauds on Indian Consumers happening in different parts of the World didn’t go well within the RBI. The Regulator acted Swiftly and setup an Inquiry and upon the findings have released a set of Regulations which empowers Indian Credit Card Customers. We have a Copy of RBI’s Circular – RBI/2012-13/424 DPSS (CO) PD No.1462/02.14.003 / 2012-13 and the excerpts of the same are as follows,
- All New Debit and Credit Cards to be issued for Domestic Usage within India Only.
- Customers have to make Specific Request for the Credit / Debit card to be Valid for International Transactions. All Such Cards must be issued with EMV Chip and PIN Based in case of Debit Cards. Deadline – June-30-2013