Which of the following is NOT a new guideline for credit and debit card users given by
Reserve Bank of India in October 2020?
Show answer & explanation
Correct answer: A
Explanation
The correct asnwer is option 1 i.e. None of the card users will have an option to opt-in or opt-out of services on their credit/debit cards.
- The Reserve Bank of India issued a new set of rules for Debit cards and Credit cards on October 2020. They are-
- All new credit and debit cards issued by the banks will be only enabled for domestic transactions at ATMs and point of sale (PoS) terminals
- The RBI has asked all the banks to disable online payments for all those debit and credit cards which have never been used for online or contact less transactions.
- The RBI said that the debit card and credit card users from now on are allowed to set up their own transaction limits.
- However, option 1, i.e None of the card users will have an option to opt-in or opt-out of services on their credit/debit cards, is not a new guideline.