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As of that point, the RBI has issued the following key credit card rules and guidelines:
1. EMV (Europay, Mastercard, and Visa) chip and PIN: In order to enhance card security, the RBI mandated credit and debit card migration to the chip and PIN technology used by EMV (Europay, Mastercard, and Visa) cards.
This technology replaces the traditional magnetic stripe and requires users to enter a PIN for transactions.
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2. Zero Liability Policies: The RBI implemented a "Zero Liability Policy" to protect cardholders from fraudulent transactions in case the loss or theft of their credit cards. In the event of an unauthorized transaction, the cardholder is not held liable if they report it promptly.
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3. Card Data Securities Standards: In order to protect cardholder data and prevent data breaches, the RBI mandated data security standards for the payment card industry. Information about sensitive payments was safeguarded in this way.
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4. Online Transactions: For online transactions, additional security measures like "Verified by Visa" and "Mastercard Secure Code" were implemented. For authentication, users were required to enter One-Time Passwords (OTPs) sent to their mobile numbers.
5. Limits on Liabilities: Liability limits are determined by reporting dates for unauthorized transactions. Cardholders were only responsible for a certain amount if they reported fraud within a specified timeline.
6. Restrictions on International Usage: To enhance security and curb misuse, the RBI allowed cardholders to enable or disable international usage of their credit cards. A cross-border transaction can be controlled by this feature.
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7. Annual Maintenance Charges (AMC): Credit card issuers were required to clearly communicate the annual maintenance charges, interest rates, and fees associated with credit cards.
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8. Invoices and communications: New regulations specifically require that issuers provide timely statements, communicate terms and conditions changes, and ensure billing practices are transparent.
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To find out the most recent information on credit card rules and regulations, check the Reserve Bank of India's official website or contact your credit card issuer.