Impose limit on global transactions of cards, RBI tells banks

MUMBAI, MAR 1:  

In order to check frauds, the RBI has asked banks to impose a monetary limit for international transactions on credit and debit cards and refrain from issuing cards with global access unless specifically sought by the customer.

The Reserve Bank said a monetary limit of $500 be imposed by the issuing bank on all global cards which have not been used in the past.

Reserve Bank has said a monetary limit of $500 should be imposed
by banks on all global cards that have not been used in the past.

“All the active magstripe international cards issued by banks should have a 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,” it said.

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