How new credit card rules will affect you : RBI guidelines

The safety requirements for cardholders have increased even more since the RBI guidelines went into effect.

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From October 1, 2022, debit and credit card online payment rules will be modified by the RBI's card-on-file (CoF) tokenization laws.

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It is expected that these new rules would simplify and improve cardholders' payment options.

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According to the new RBI regulations, the card issuer will no longer be permitted to automatically raise the credit card limit

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The credit card numbers will now be converted into an encrypted token number and used for transactions.

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Customers' credit card information will no longer be used for transactions by third-party payment apps.

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