Special news for account holders in SBI

The country’s largest State Bank of India (SBI) has given a special message to its customers. Consumers have been told that some services on their credit and debit cards will be discontinued from September 30, 2020. The bank said the decision was taken on the basis of new rules issued by the Reserve Bank of India, which is coming into effect exactly two days later. These services are linked to international transactions. The bank said that if you want to continue shopping in international markets on your card, type the last 4 digits of your card number and text it to 5676791 after INTL.

Let us know what the RBI has changed in the rules for cardholders.

The Reserve Bank has been changing many rules regarding debit and credit cards since September 30, 2020. If you use debit and credit cards, it’s important for you to know this news. Given the extraordinary situation caused by the Kovid-19 epidemic, card issuers have been given till September 30 by the RBI to enforce the rules. The rules were originally due to come into force in January 2020, but were postponed until March. Later, they were postponed due to Covid-19 and are now being implemented from September 30.

According to RBI’s new rules, customers will have to register separately for international, online and contactless card transactions. This means that the service will be available only if the customer needs it. If you understand in simple language, customers will now have to apply for it. The RBI has told banks that consumers should allow domestic transactions when issuing debit and credit cards. It is clear that if there is no need, withdraw money from the ATM machine and foreign transactions are not allowed for purchases at the POS terminal.

For existing cards, issuers can make decisions based on their understanding of risk. In other words, you now have to decide whether you want a domestic transaction or an international transaction with your card. The customer will now decide which service to activate and which to activate. The customer can also change his transaction limit within 24 hours of the day. In other words, you can now set up your ATM card via IVR at any time by going to the limit of mobile application, internet banking, ATM machine, transaction.