In order to make the make card transaction safer, the Reserve Bank of India has made it compulsory for the banks to send online alerts to all the cardholders for all Card Not Present (CNP) transactions on credit cards.
RBI had to come up with this move following cases of unauthorized fund withdrawals from ATM. Earlier the banks used to send such alerts for all CNP transactions above Rs. 5,000.
In a notification, RBI said “This measure is expected to encourage further usage of cards at various delivery channels.”
