Debit and Credit Card

The Reserve Bank of India (RBI) has proposed a new rule regarding debit and credit cards that is set to benefit bank customers. This proposal aims to introduce card portability, allowing customers to switch banks without the hassle of changing their card details.

Under the new rule, customers will have the option to retain their existing debit or credit card when they switch banks. This means that they won’t have to go through the process of obtaining a new card and updating their card information with various merchants and service providers. Instead, they can simply transfer their card to the new bank, ensuring a seamless transition.

Card portability will provide greater convenience to customers who wish to switch banks due to factors such as better services, rewards programs, or lower fees. It eliminates the inconvenience of updating card details across multiple platforms and simplifies the transition process.

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Additionally, the proposal suggests that banks should enable a “onetime password (OTP) based online card transactions” feature. This feature will provide an added layer of security for online transactions, reducing the risk of fraud.

Overall, the introduction of card portability and the OTP-based online transaction feature will enhance customer experience, flexibility, and security in the banking sector. It empowers customers with more choices and the freedom to select a bank that best suits their needs.

It is important to note that these proposed rules are subject to final approval by the RBI. However, if implemented, they are expected to bring positive changes to the banking industry, benefiting customers across the country.

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