With the intent of curbing bank frauds, the Reserve bank of India has issued a set of new rules for debit and credit cards. These rules will be effective from October 1, 2020, and will improve the convenience and security of card transactions.

The new rules will enable card holders to set withdrawal caps and change transaction limits. “For new cards being issued, the users will only be able to use these services after registering for them. The main reason for this is to prevent card fraud and misuse and give the consumer better power to manage his or her finances. With spend and withdrawal caps, even if an individual becomes a victim of cyber or ATM fraud, the damage will be limited,” Financial Express quotes Gaurav Chopra, CEO of IndiaLends.