RBI DIRECT BANKS TO IMPOSE LIMITS ON GLOBAL CARD TRANSACTIONS

In order to check frauds, The Reserve Bank of India (RBI) has asked banks to impose monetary limit for international transactions on credit and debit cards and refrain from issuing cards with global access unless specifically sought by the customer. RBI has said that a monetary limit of $ 500 be imposed by issuing bank on all global cards which has not been used in the past.