DEBIT CARDS

➘ THE POLICY:

Banks need to follow a comprehensive debit cards issuance policy with the approval of their boards

➘ NOT A MUST:

They cannot force a customer to avail debit card facility nor link it to any bank service

➘ CO-BRANDED CARD:

Such a card needs to explicitly state that it has been issued under a cobranding arrangement. The cobranding partner cannot advertise or market the cobranded card as its own product. Likewise, in all marketing and ad material, the card issuer's name should be clearly shown in case of cobranded cards

➘ DISABLING A CARD:

Banks must provide options to disable a card through mobile or internet banking, SMS, IVR or any other suitable mode. Scheduled commercial banks could issue other form factors like wearables instead of a plastic debit card with the consent of customers