NEWS & ADVICE : CREDIT CARDS
Restriction on foreign spending of credit and debit cards: RBI
By Ankit Sharma
Dec 3, 2013
Print    Email    RSS   

Due to the increasing use of electronic cash, the frauds and misuse of credit and debit cards are also growing. In order to curb with this problem banks have decided to restrict the foreign spending limit of credit and debit cards. This limit will not affect any transactions done in India.

Banks have started informing their customers through SMS and e-mails. The head of retail lending at a private sector bank reported that this limit will be lower then the consumers overall credit limit and they can talk with the bank for increase or decrease in the limit. After the increase in number of complaints by customers regarding the frauds as they returned from foreign, RBI instructed banks to immediately restrict the international spending.

It was supposed to be implemented till 30 june, 2013 but due to huge number of credit and debit cards in use the date was extended to august end.

 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Importance of reviewing your credit report
Deter & detect ID thefts: Keep your...
Some Facts About Zero Interest Credit...
A general guide to Auto Insurance
Understand Your Credit Card Statement


09990003711 GhAzIpUr ℭaℓℓ ℊiℝℓs in...
09990003711 GhAzIpUr ℭaℓℓ ℊiℝℓs in...
WHAT IS MY ECN NO SBH AC NO 52125401960
what is my credit card statement
i forgot my ATM pin number i could i get it again
how to improve my CIBIL score???

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive