Now, put ATM PIN to make your cash safer
As per the recent Reserve Bank of India (RBI) mandate, which became effective from December 1, all debit card users now have to key in their ATM PIN on point of sale (POS) machines at retail and merchant outlets.Updated: Dec 24, 2013 22:46 IST
As per the recent Reserve Bank of India (RBI) mandate, which became effective from December 1, all debit card users now have to key in their ATM PIN on point of sale (POS) machines at retail and merchant outlets.
There are also certain riders that have been put on the withdrawal of money on a daily basis. “Customers should understand the process of using debit cards with the ATM PIN at outlets. They should also be aware of the precautions they need to take,” says Vishal Salvi, chief information security officer.
Now, under the new mandate, one has to enter the PIN number while shopping with ATM debit card. The merchant punches the amount into the machine, only after the PIN is provided. Earlier, only the ATM card had to be swiped for a transaction, but now, to make the use of ATM card secure, the RBI came up with this mandatory submission of ATM PIN number, which is only known to the card holder.
In case one forgets the PIN number, generally all banks make three attempts to enter the correct PIN, after which the transaction is declined. If the card holder remembers the PIN after the transaction is declined twice while paying using ATM card, he or she can try to access funds via an ATM.
All new debit cards, issued after December 1, will be domestic cards, unless the customer has specified otherwise. The international usage has been disabled. Customers can activate international usage through phone banking. Customers who have used their debit cards internationally will be recarded with Chip and PIN cards, for enhanced security.
How to make usage of ATM card safer:
ATM PIN number should not be disclosed publicly.
Customers should enter the PIN themselves, instead of telling it to the merchants.
Cover your hand while entering the PIN.
Existing debit cards (issued till November 30)
From December 1, the daily international usage limit on existing non-chip debit cards is set at `50,000.
To reset the daily international limit, customers can call the banks or visit the nearest branch.
There is no change in the daily international limit on existing chip-based debit cards.
There is no change to the daily domestic usage limit applicable on ATMs and retail stores within India or Indian websites.
First Published: Dec 24, 2013 19:20 IST