On 7 May 2015, RBI said with effect from September 1, 2015 all new cards issued-debit and credit, domestic and international-by banks shall be EMV chip and pin based cards. EMV stands for

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Europay, Mastro and Visa
B	Europay, Master Card and Visa
C	Entitlement of Master Card and Visa
D	Euro, Master Card and Visa

Explanation:

Detailed explanation-1: -The impact of RBI’s new Credit and Debit card rules is that customers will have to enter all the card details everytime they wish to go for an online payment or they have the option to use the tokens to enure secure online payments.

Detailed explanation-2: -After October 1, 2022, the card issuer will not increase the credit limit without the cardholder’s written consent. “The terms and conditions for payment of credit card dues, including the minimum amount due, shall be stipulated so as to ensure there is no negative amortization.

Detailed explanation-3: -Card issuers should seek One Time Password (OTP) based consent from the cardholder for activating a credit card if the same has not been activated by the customer for more than 30 days from the date of issuance.

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