RBI asks issuers to provide facility to switch on, off cards to prevent frauds

Reserve Bank has asked banks and other card-issuing companies to provide facility to customers to switch on and off their debit or credit cards, a move aimed at enhancing security for digital transactions. The RBI said that at the time of issue or re-issue, all cards (physical and virtual) should be enabled for use only at contact based points of usage [ATMs and Point of Sale (PoS) devices within India. The central Bank said issuers should provide cardholders a facility for enabling card not pre...