The Reserve Bank of India (RBI) has ordered banks in India to issue credit and debit cards that only permit domestic use, in an effort to reduce the high rising credit card fraud, reported ATM marketplace. Customers who wish to have cards that operate internationally must make a specific request.
It has also been reported that by June 30, international cards must contain the EMV smart chip. The banking community hopes to soon implement services that will make it easier for customers to block credit card use such as text messaging.
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