FOREX CARD

Have an overdraft account? Soon you can get an electric card for cash transactions! RBI permits banks – Indiainfoline


Generally, a person having savings or current account is allowed to have their own debit card for carrying day-to-day cash transactions. However, this benefit up till now was not applicable for credit/loan account holders. Interestingly, the Reserve Bank of India (RBI) has taken one step ahead giving good news to overdraft account customers.

On Wednesday, RBI permitted banks to issue electronic cards to natural persons having Overdraft Accounts that are only in the nature of personal loan without any specific end-use restrictions.

In the notification, RBI guides that, this electronic card will be issued for a period not exceeding the validity of the facility and shall also be subject to the usual rights of the banks as lenders.

The card can only be used for domestic transactions only, which means the international card aka forex one will not be issued opposite overdraft account.

Also, adequate checks and balances shall be put in place to ensure that the usage of such cards is restricted to facilitate online/ non-cash transactions.

Unlike limits in normal debit cards, RBI states that there will be no on cash transaction to overdraft facility if provided along with Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.

Finally, the card will be issued subject to instructions on terms and conditions, security, grievance redressal, confidentiality of customer information as applicable for debit cards and all other relevant instructions on card operations issued by RBI.

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