RBI seeks to stem credit/debit card fraud, makes online payments more secure

Currently, in India, there are close to 50 million credit card holders and 300 million debit card holders and with August 1 deadline round the corner, banks are racing against time to enable their customers to obtain the passwords.

While some banks are allowing customers to create passwords on their websites, others are busy sending fresh user IDs and passwords to customers via post. Some banks like Citibank are also allowing customers to use net banking password or PIN number as their password for e-commerce transactions.

"We have already started the process of making the consumer aware of the service using text message alerts, e-mails and advertisements. Having started the process much ahead, we are well equipped to implement the process fully," an ICICI Bank spokesperson said.