Fill in some– The RBI has issued new guidelines for credit and debit card companies to improve security and reduce fraud.text

– Customers can now set transaction limits, enable or disable cards for online transactions, and report unauthorized transactions within 24 hours.

– Contactless payments can be switched on or off, and limits can be set for such transactions.

– "Tokenization" will be used for card transactions to prevent fraud.

– Real-time alerts will be provided for all transactions, including those made through mobile wallets and payment apps.

– The guidelines will apply to all new and existing credit and debit cards from October 1, 2021.

– The RBI aims to enhance customer convenience and security while reducing the risk of fraud and unauthorized transactions.