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December 2, 2013

Reserve Bank of India makes PIN mandatory for debit card transactions in India

Consumers purchasing at retail outlets in India must enter PIN number of their debit card for all the card-based transactions, following the new guidelines issued by Reserve Bank of India (RBI).

By Verdict Staff

Consumers purchasing at retail outlets in India must enter PIN number of their debit card for all the card-based transactions, following the new guidelines issued by Reserve Bank of India (RBI).

According to the guidelines, which were introduced by RBI in September 2011, first merchants will swipe the cards at a PIN enabled point-of-sale (PoS) device and will enter the transaction amount. Then, customers will need to enter their PIN numbers to complete the transaction.

HDFC Bank card payment products and merchant acquiring service head Parag Rao said their back-end system is in place and they have made changes in all their PoS and merchant outlets to accept PIN.

"We have around 3 lakh PoS terminals across the country," Rao added.

According to a Canara Bank senior official, the PIN offers extra layer of security for the debit card.

For credit cards, the mandatory guidelines have to be followed for international transactions, including the Internet transactions.

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