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Which of the following is NOT a new guideline for credit and debit card users given by Reserve Bank of India in October 2020?

Which of the following is NOT a new guideline for credit and debit card users given by Reserve Bank of India in October 2020? Correct Answer None of the card users will have an option to opt-in or opt-out of services on their credit/debit cards.

The correct answer is None of the card users will have an option to opt-in or opt-out of services on their credit/debit cards.

Key Points

  • With the rise in banking fraud cases, the Reserve Bank of India has issued new guidelines to secure debit and credit cards.
  • The changes were effected from 1st October 2020.
  • RBI has issued new rules for debit and credit cards to improve the security and convenience of card transactions.
  • According to the new guidelines, card users will now be able to register preferences for international transaction, online transactions as well as contactless card transactions debit and credit cards issued by banks will only be enabled for domestic transactions at ATMs and point of sale terminals.
  • Customers can set a maximum amount for each Standing Instructions.

Additional Information 

  • Reserve Bank of India
    • It was established on 1 April 1935 in accordance with the provisions of the Reserve Bank of India Act, 1935.
    • It was set up on the basis of the recommendations of the Hilton Young Commission.
    • The head office was initially established in Calcutta but was permanently moved to Mumbai in 1937.
    • It was initially set up as a private entity in 1935, but it was nationalized in 1949.
    • It is the central bank of India which regulates the monetary market in India.
    • First Governor: Sir Osborne Smith
    • First Indian Governor: C.D. Deshmukh
    • Current Governor: Shaktikanta Das

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