In a country where people were just getting used to getting their credit and debit cards swiped without breaking a sweat, it’s going to get slightly harder to use plastic money. RBI (Reserve Bank of India) has unleashes another set of rules and regulations for credit/debit cards issued in India. These new rules are primarily aimed at resolving security concerns amongst unauthorized credit/debit card usage internationally.
The new rules are, for the lack of a better word, dumb. They render your credit and debit cards useless abroad. At least initially. One will need to manually get their cards signed up for international usage. So prepare to make some calls, sign on a few pieces of dead trees and plants and make that occasional trip to the local branch of the bank.
All credit and debit cards now much include an EMV chip and they need to be “pin enabled” as well. That’s not that stupid, to be honest. Most banks do provide at least one of their credit or debit card offerings with an EMV chip embedded. However a compulsory PIN approval on transaction will be a pain in the you-know-what.
The new list of changes proposed by RBI look towards eliminating online credit and debit card frauds for Indian customers. It’s been a common complaint amongst many Indian credit and debit card users that at times their cards had been used on international websites without their knowledge or approval.
I totally understand that not everyone wants a credit card that can be used internationally. And the new regulations add a layer of security. But this isn’t the way to go about it. With mobile app stores accepting only credit cards (I know some take specific debit cards too) and other key online marketplaces where you need an international credit card, getting manual approval is going to be a one-time hassle for all of us. You could also face the embarrassment while dining at a fine restaurant abroad, probably on a vacation, when the manager comes to you and tells you your card isn’t working because of some dumb ass PIN related issue.
What RBI needs right now is a bunch of people who’re not momma’s boys anymore.