News Karnataka
Sunday, February 16 2025
Bengaluru

RBI makes Pin Number must for debit card transactions

Photo Credit :

Newskarnataka-Bangalore

Bangalore : In the wake of the growing popularity of transactions using debit cards, the Reserve Bank of India has made  typing of pin  mandatory for all transactions through debit cards. This measure has been taken to avoid frauds and security lapses.

Though the RBI had enforced this rule from June this year, the banks had sought some time to upgrade their infrastructure for the purpose following which the time limit was extended till November 30.

The new rule makes it mandatory to enter the pin number when the debit card is swiped. Customer will also get a slip giving details of the transactions and he will have to sign it.In case the swipe machine does not ask for the pin number, then the transaction will be cancelled by the bank.

As in ATM, a customer will get three chances to enter his correct pin number. But unlike in ATM, the card does not get locked and the customer can once again swipe his card if he can recollect his pin number even after the third attempt.

In case a customer loses his pin number he can ask for a duplicate pin after furnishing details like his email ID, date of birth etc and the bank will post duplicate pin number within seven to ten days.However, these rules do not apply for online transactions.

As per details available, transactions amounting to Rs 8,017.86 crore are conducted in the country on a daily basis in 5.54 crore shops using thirty six crores debit cards.

 

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