Beware if you use plastic money?


Beware, if you are using plastic money because it may not serve your purpose in coming days. RBI had asked the plastic money card provider companies to install their server in India by October 15.

Although banks approached to RBI to seek extension on deadline but RBI refused to do so.

As we know that to avoid rush in bank especially for withdrawal bank gives debit/credit card, which are either being made by Mastercard or VISA, to the customer. In view of increasing cyber forgery RBI had asked the service provider companies to install their server in country by October 15.

Realising RBI’s strictness on it, bank approached to the finance minister on October 5 and apprised them about their technical difficulties and given option too. During deliberation with finance minsitry they asked that for data storage they need at least two years time. They further said that instead of asking data storage server they should allow to keep its copy. Although finance ministry secretary has agreed in principal
and written a letter to RBI to allow them to keep copy of data here. RBI, which is known as protector of customers, has not agreed.

If this happens then your card would not work after october 15. As we know that after demonetisation large number of people use plastic money for shopping. Although Rupay credit card is being issued but its number is much lesser than VISA card.


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