Hoping to improve cardholder protections, the Reserve Bank of India on March 29 announced it will require banks in that country to send e-mail alerts to their debit and credit card customers when any transactions are initiated with their cards.
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The policy takes effect June 30, a spokesperson for the central bank tells PaymentsSource.
Previously, the central bank had ordered banks to notify their cardholders when transactions exceed 5,000 rupees (US$112 or 79 euros).
The change in policy will help combat fraud and encourage more use of payment cards in India, according to a spokesperson for the Mumbai-based State Bank of India.
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