Regarding “Credit cards: RBI keen on ‘zero liability' to customer” (Business Line, January 10), before introducing the policy, the RBI should insist that banks assign PIN for all credit cards. When all debit cards are protected by PIN-enabled transactions at point-of-sale machines, such as ATM transactions, why not credit cards? Though Verified-by-Visa or MasterCard SecureCode mandates are in place, they help to protect only online transactions. Without PIN, credit cards are vulnerable to theft and fraudulent transactions. Moreover, ‘zero liability' policy without PIN will increase the moral hazard problem among credit card users, since they won't be accountable anymore.
- Dhinesh Rajamanickam, Bangalore (HBL)
