The Reserve Bank of India (RBI) has taken decisive steps to combat banking fraud and enhance the security of debit and credit cards. Through the introduction of comprehensive guidelines and features, cardholders now have more control over their transactions, ensuring a safer and more secure banking experience.
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One of the significant measures introduced by the RBI is the option for users to enable or disable card transactions, both domestically and internationally, according to the Gadgets Now report. As per RBI’s directives, automatic teller machine (ATM) and point of sale (PoS) transactions will remain enabled by default, providing customers with convenient access to cash and making payments at merchants. However, for debit and credit cards that have never been used for digital payments, both domestically and internationally, online transactions will be disabled. This proactive approach by the RBI aims to protect users from potential risks associated with digital payments, especially for those who have not availed such services previously.
The guidelines were issued under Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), and became effective from March 16, 2020. By empowering customers to manage their card transactions and customize specific transaction options, the RBI has enhanced the security and integrity of the overall banking system.
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For Punjab National Bank (PNB) debit cardholders, the process of managing card transactions is straightforward.
–Customers can log in to PNB’s internet banking platform, accessible through the URLs https://pnbibanking.in or https://netpnb.com
–Once logged in, they need to navigate to the “Debit Card” section and click on “Enable/Disable” to configure their preferred transaction options
–The step-by-step process includes entering the 16-digit account number, followed by a 6-digit one-time password (OTP) for authentication
–Subsequently, the debit card number, validity, and card PIN are required for further verification
–Finally, users can select the desired transaction options, such as ATM, PoS, ECOMM, Contactless, Domestic, International, Global, or No Access, depending on their preferences
–The modification can be confirmed by clicking the “Submit” button, completing the process seamlessly
These guidelines and features represent a collaborative effort between the RBI and various banks to enhance customer security and mitigate potential risks associated with banking fraud and misuse. By providing cardholders with greater control and flexibility over their transactions, the RBI aims to foster a more secure and resilient banking ecosystem, assuring customers of a trustworthy and protected banking experience.
