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Understanding RBI’s New Credit Card Rules: Refunds and Bill Adjustments

31Mar

By AnkitNo Comments

Banking, Fintech, Payments

Understanding RBI’s New Credit Card Rules: Refunds and Bill Adjustments

The Reserve Bank of India (RBI) recently introduced changes to credit card regulations, impacting how refunds and failed transactions are handled. As a credit card user, it’s essential to grasp these modifications. Let’s break it down in simple terms. 1. Credit Card Refunds Explained What Is a Credit Card Refund? After making a purchase with your credit card, you might find yourself dissatisfied with the product or service. In such cases, you can cancel the transaction and request a refund. The merchant from whom you made the purchase will refund the money to you. How Does a Refund Work? Merchant Refund: Typically, the merchant credits the refund back to your original mode of payment. If you paid using your credit card, the refund will be credited to that card. Impact on...

International Transactions on Credit Card: 2 simple ways to Disable it

27Mar

By Ankit2 Comments

Banking, Payments

International Transactions on Credit Card: 2 simple ways to Disable it

In today’s interconnected world, credit cards and digital transactions have become an essential part of our financial lives. They offer convenience, security, and flexibility. However, with the increasing prevalence of online transactions and global travel, it’s crucial to understand the risks associated with international credit card usage. In this article, we’ll delve into why international transactions pose a higher risk and explore steps to safeguard your finances by disabling them. Why Is the Risk Higher on International Transactions? Lack of 2-Factor Authentication (2FA): In India, domestic credit card transactions require 2-factor authentication (2FA). This means that both a PIN (for point-of-sale transactions) and an OTP (for online transactions) are necessary for adde...

Axis Bank Credit Card Fraud: 5 Actions to Take Immediately

27Mar

By Ankit1 Comment

Payments, Banking

Axis Bank Credit Card Fraud: 5 Actions to Take Immediately

The recent Axis Bank credit card fraud fiasco has left many customers in India concerned and vulnerable to fraudulent international transactions. It is crucial for affected individuals to take immediate action to safeguard their financial interests and protect themselves from further harm. This article aims to provide an overview of the situation and offer guidance on the necessary steps to mitigate the risks associated with this incident. Understanding the Axis Bank Credit Card Fraud: Axis Bank, one of India's leading financial institutions, recently faced a significant security breach resulting in fraudulent international transactions on some of its customers' credit cards. This incident has raised concerns among the affected individuals, as unauthorized transactions can have severe fi...

India’s P2P Payment Overhaul: Things You Need to Know, 2024

12Mar

By AnkitNo Comments

Fintech, Payments

India’s P2P Payment Overhaul: Things You Need to Know, 2024

In a decisive move to safeguard the financial ecosystem, the Reserve Bank of India (RBI) has introduced stringent regulations targeting peer-to-peer (P2P) credit card transactions1. This regulatory action is aimed at transactions that involve payments for rent and tuition fees through third-party applications, a practice that has recently proliferated among retail customers. India’s Clampdown on P2P Credit Card Transactions The Crux of the Matter The RBI’s scrutiny was prompted by the discovery that customers were using credit cards to make payments for rent and tuition fees via fintech platforms. These platforms facilitated payments to their merchant accounts, followed by an immediate transfer to the recipient’s bank account, such as a landlord, in exchange for a fee. ...