Money & Banking

Banks to issue online alerts for all card transactions

| | Updated on: Mar 29, 2011

Banks must make provision to send online alerts to cardholders for all Card Not Present (CNP) transactions irrespective of the amount, by June 30, 2011, said the Reserve Bank of India, in a notification issued on Tuesday.

Earlier, the RBI had mandated banks to send online alerts for all CNP transactions of Rs 5,000 and above.

The RBI's latest move to make alerts mandatory for all amounts follows incidents of unauthorised or fraudulent withdrawals at ATMs, said the RBI.

“This measure is expected to encourage further usage of cards at various delivery channels,” the notice said.

Published on November 20, 2017

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