The guidelines were issued after a comprehensive review of existing instructions on issue of debit cards. There are over 31 crore debit cards in the country. The RBI said the bank would be responsible for direct losses incurred by a cardholder due to a system malfunctions directly within the bank's control. However, the bank shall not be held liable for any loss caused by a technical breakdown of the payment system if the breakdown of the system was recognisable, the guidelines said.
The responsibility of the bank for the non-execution or defective execution of the transaction is limited to the principal sum and the loss of interest, it added. Banks have also been asked to ensure full security of the debit card. The losses incurred by any party on account of breach of security or failure of the security mechanism would be borne by the bank, RBI said. The RBI further said that "each bank shall provide means whereby his customers may at any time of the day or night notify the loss, theft or copying of their payment devices". After receiving complaint of loss, theft or copying of the card, the bank should take all action to stop any further use of the card, RBI said. It asked banks to put in place an effective mechanism for redressal of customer complaints.
Banks have also been asked to review of their operations and issue of debit cards on half yearly basis. As per the guidelines, debit cards should be issued to customers having Saving Bank/Current Accounts but not to cash credit/loan account holders. The RBI also said banks may issue only online debit cards, including co-branded ones, where there is an immediate debit to the customers' account.
On offline debit cards, RBI said that henceforth banks are not permitted to issue such cards. "Banks which are presently issuing offline debit cards may conduct a review of their offline debit card operations and discontinue operations of such cards within a period of six months from the date of this circular," the central bank said.
Also, RBI said no bank should dispatch a card to a customer unsolicited. On co-branded debit cards, the RBI said the role of the non-bank entity under the tie-up arrangement should be limited to marketing and distribution of the cards or providing access to the cardholder for the goods and services that are offered. The RBI also granted general permission to banks to issue rupee denominated co-branded pre-paid cards in India.
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