The Reserve Bank of India (RBI) today asked banks to provide additional information to customers on the usage of cards from August 1st this year, in order to enhance security in online credit and debit card transactions.
The central bank has asked banks for providing additional information for 'card not present' transactions to customers.
'Card not present' transactions are those where neither the card nor its holder are present at the point of sale and could be done through order by mail, telephone etc.
The RBI has also asked banks to give online alerts to customers also where these kinds of transactions are to the tune of at least Rs 5,000 crore.