The Reserve Bank of India (RBI) had recently amended four rules for credit card transactions in India. These changes are discussed below – 

• Online and contactless transaction facilities will not be activated by default for credit cards issued on or after 16th March. Additionally, cards that were issued earlier but were not used for such transactions will have those facilities disabled. A cardholder will need to contact the respective credit card customer care for facility activation.

• All credit cards issued from 16th March will only feature domestic transactions at a point of sale (POS) terminals. Similar to the point mentioned above, customers will need to contact their respective banks to activate the feature if they want to make international transactions.

• Financial institutions hold the prerogative to disable cards that are currently activated and reactivate them according to risk analyses of customers.

• Cardholders enjoy the right to customize the limits for the following transactions – ATMs, POS terminals, contactless, domestic, and international – within the ceiling predefined by the respective financial institution. 

In addition to these mandates by the RBI, it has also asked financial institutions to notify cardholders about changes made to their existing cards via SMS and open 24/7 facilities for customers to modify these changes.