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RBI eases 2 factor authentication norm for online transactions under Rs. 2000

The Reserve Bank of India (RBI) on 6 December 2016 relaxed the norms for Additional Factor of Authentication (AFA) for online card transactions of up to Rs 2000. 
●    However, only authorised card networks will provide such payment authentication solutions for online CNP (Card Not Present) transactions.
●    Only authorised card networks can provide such payment authentication solutions with participation of card issuing and acquiring banks.
●    Customer consent shall be taken while making this solution available to them.
●    The relaxation for AFA under such solutions shall be applicable for card not present transactions for a maximum value of Rs 2000 per transaction across all merchant categories.
●    Banks and card networks are free to facilitate their customers to set lower per transaction limits.
●    If the transaction limit goes beyond Rs 2000, then the card not present transaction will be processed as per the extant instructions with mandatory AFA; this goes same for the transaction value of below this limit.
●    Banks and card networks will decide the number of such small value transactions in a day, week or month.
●    There will be no change in the existing chargeback process.

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