Want to use your credit/debit card online after August 1? Register with your bank. What this means is that you would not be able to make any online transactions post August 1st, if you have not registered your debit/credit card with your bank.
What is this new rule of Registering Debit/Credit Card with Indian banks ?
The Reserve Bank of India (RBI) has mandated that all card holders (debit and credit) in India must have an “extra level of authentication” to be able to transact online. The objective of this mandate by RBI is to make online transactions.
How will the banks protect my card payments?
The authentication mentioned above is basically a password that you will have to enter after entering your credit/debit card details while making online payments.
Where do i have to create this Password for my debit/credit card?
Password needs to be created by you at your respective bank’s site. You can follow the Bank links below to register your debit/credit card and get yourself online transaction password.
What is this technology called as?
Bankers call this new technology Verified by Visa (VbV) or MasterCard SecureCode (MSC).
What’s the deadline for the creation of this password?
You can create it anytime. It hardly takes a few seconds. You won’t be able to use your card online after August 1, 2009, unless you create this password.
What if I already have the password?
Then there’s no reason for you to be here. You can continue transacting. Just enter your password when you’re asked for it during your payment process.
If you face any problems in getting your debit/credit cards registered with your bank. Pls call your Indian banks customer care numbers for information on registering cards for online usage.