This move has been initiated by the Reserve Bank of India (RBI) in order to check the menace of credit card fraud.
New Delhi: Customers who are used to paying their transactions through debit or credit card will have to punch in the personal identification number (PIN) number of their card after each billing from July, a daily news paper has reported.
The regular signing of charge slip will have to be followed along with providing the PIN number. This move has been initiated by the Reserve Bank of India (RBI) in order to check the menace of credit card fraud.
The RBI in its circular “Security and Risk Mitigation Measures for Electronic Payment Transactions circular” dated February 28 has said that each time a customer makes transaction through card, he/she will have to provide the secret PIN number so as to successfully complete the transaction.
“With cyber-attacks becoming more unpredictable and electronic payment systems becoming vulnerable to new types of misuse, it is imperative that banks introduce certain minimum checks and balances to minimise the impact of such attacks and to arrest/minimise the damage. Accordingly, banks are required to put in place security and risk control measures”, the RBI circular has said.
The circular further said that all new debit and credit cards to be issued only for domestic usage unless international use is specifically sought by the customer. Such cards enabling international usage will have to be essentially EMV Chip and Pin enabled (By June 30, 2013).