All credit and debit cards issued in India should include the cardholder’s image and laminated signature under a recommendation from the Reserve Bank of India.
The recommendation was included in an Aug. 3 report on the customer-service initiatives of banks operating in India from the central bank’s Committee on Customer Service.
Among other recommendations, the panel suggested that banks include the address and Aadhaar number on their customers’ payment cards once the country fully implements the citizen-identification scheme. It also suggested that every ATM have a unique number that would appear on transaction slips and cardholders’ bank statements to help in the process of identification in failed ATM transactions.
Moreover, legitimate cardholders should have the option to block transactions with a return message when a text message arrives noting an illegal transaction is occurring with their card, the panel recommended, citing the considerable time lost when having to locate information, such as the cardholder account and phone numbers, that gives fraudsters more time to commit fraud.
Issuers also should reverse illegal transactions automatically and credit the amount stolen back to the account, the panel said.
The central bank is soliciting industry and public comments on the panel’s recommendations through Aug. 27, after which it will review the feedback before issuing the final rule.
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