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DEBIT/CREDIT CARD: Know your credit card better: 11 hidden charges that you are never told about …

Know your credit card better: 11 hidden charges that you are never told about

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Know your credit card better: 11 hidden charges that you are never told about   Timesofindia.indiatimes.com Mar 17, 2015 The lure of a credit card is hard to keep away from, especially when a sales representative from a bank or a retail outlet makes a convincing pitch about you getting a “free” credit card. But did you know that the credit card you are being promised is anything but free? …

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RBI asks banks to issue debit, credit cards with photo Mar 15, 2013

NEW DELHI: Banks have been advised by Reserve Bank of India (RBI) to consider issuing debit and credit cards with photographs of the cardholders to prevent misuse of stolen cards, the Lok Sabha was informed today.

“Banks have been advised by the RBI that, with a view to reducing the instances of misuse of lost/stolen cards, they may consider issuing cards with photographs of the cardholders or any other advanced methods that may evolve from time to time,” minister of state for finance Namo Narain Meena said. … Banks can issue only online debit cards: RBI Dec 13, 2012

The Reserve Bank of India has asked banks to issue only those debit cards, including co-branded ones, where typing such codes are mandatory, within the next six months.

A notification issued by RBI on Thursday said banks are not permitted to issue offline debit cards any more. “Banks which are presently issuing offline debit cards may conduct a review of their offline debit card operations and discontinue operations of such cards within a period of six months from the date of this circular”….

How to insure yourself against loss or misuse of credit cards Sept 5, 2012

A look at the various products and services available today to safeguard against fraud and misuse of your cards. The growing use of plastic money has not only made lives simpler, it has also given rise to concerns around its possible misuse. Cases of lost or stolen cards being misused by fraudsters are on the rise, creating insecurities in the users’ minds.

However, since use of credit or debit cards is simply unavoidable today, the solution lies in being cautious and taking steps to contain any damage due to fraud. Now, in the virtual world, such concerns have been addressed by the Reserve Bank of India through the two-factor authentication system. Read more.

Fake notes: Can’t ‘bank’ on banks Dec 19, 2011

JAIPUR: Getting forged notes from ATM counters has now become a regular affair in the city. Mithya Singh, a college student got a fake Rs 500 note from her neighborhood ATM. She didn’t realize it until a teller in a multinational bank at Raja Park rejected the note as fake.

A shocked Singh explained that she withdrew the money from the ATM of a nationalized bank just a few hours ago. The cashier, unmoved by the entreaties, cited the RBI guidelines and Singh had to forgo the money. Read more.

RBI proposes PIN for credit cards

June 3, 2011 – TOI News

MUMBAI: Credit cards which moved from being embossed pieces of plastic to magnetic swipe cards a decade back are set for another transformation as the Reserve Bank of India moves to the next level of card security. An RBI panel has said that all credit cards issued three years from now should have a electronic chip and transactions should be authenticated by a personal identification number (PIN).

These recommendations have been made in a report by a working group set up by RBI to increase the security of transactions where credit cards are present (unlike online transactions). The report suggests that an alternative to PIN could be a biometric verification of the cardholders identity using data from Aadhar – the project by the Unique Identification Authority of India.

To read more, please click here.

I-T dept hits transparency button

May 30, 2011   –   TOI News

NEW DELHI: To bring in more transparency in Income Tax (I-T) search and survey operations, the Central Board of Direct Taxes has asked all officials attached to its investigation and assessment wings to compulsorily provide phone numbers of their seniors to taxpayers during an operation.

The move is intended to bring in transparency in such cases and is expected to bring down allegations of harassment of taxpayers.

To read more, please click here.

Settle failed ATM fee issues in 7 days: RBI tells banks

May 28, 2011 – TOI News

MUMBAI: In its effort to bring some relief to those bank customers who face difficulty when ATM transactions go wrong, the Reserve Bank of India (RBI) on Friday said that banks should settle such issues within seven days.

At present banks get 12 days to resolve such transactions. The new timeline for reconciliation of failed ATM transactions will be effective from July 1.

To read more, please click here.

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