HDFC VCC error

experience

Nuit incroyable.
[OP]
Regulars
Dec 28, 2010
1,757
131
 
So I generated 2-3 Vcc's for personal use today, i got a msg as usual on my mobile that my balance of XX rs. is deducted. In the bottom it was written that this is not an authenticated trx as per rbi mandate effective may 12.Anyone?
 

aviral sangal

Senior
Dec 9, 2010
2,591
197
Noida
Lol whats the point if genrating the vcc if rbi has stopped transaction rights?Plus i guess they are refunded at day end if unused.
 

experience

Nuit incroyable.
[OP]
Regulars
Dec 28, 2010
1,757
131
 
I have used them. Rbi has stopped trx?
 


xyx2000

Regulars
Regulars
Oct 21, 2005
2,667
316
You can check if they are used or not by clicking on "Unused Cards" or "all a/cs & services"
 

Sahyadri

Regulars
Regulars
Feb 28, 2007
735
100
Shrigonda
It is because the balance was not actually deducted from your account until you used the card.Balance is deducted from your account when you create a VCC but this is not a transaction as per RBI norms (not actual transaction). The balance is still in your account under a sub-account (VCC).When you use the VCC this is actual transaction as per RBI. The balance from your account is transferred to someone else's account
 


experience

Nuit incroyable.
[OP]
Regulars
Dec 28, 2010
1,757
131
 
It is because the balance was not actually deducted from your account until you used the card.

Balance is deducted from your account when you create a VCC but this is not a transaction as per RBI norms (not actual transaction). The balance is still in your account under a sub-account (VCC).

When you use the VCC this is actual transaction as per RBI. The balance from your account is transferred to someone else's account

Thanks a lot bro! :)
 

Jagat

Newbie
Regulars
May 6, 2012
195
41
Hello, I received a similar message from HDFC Bank and I got panicked that I have done something against RBI's laws. But after reading your explanation, I am feeling easy.So does it all mean that money you put in Netsafe card is not a transaction until you actually use that card to shop or send money online?Also where can one find the RBI mandate effective from 1st May 2012?
 
Thread starter Similar threads Forum Replies Date
N Tata Sky DTH 4
IBF Movies 0
Sushubh Movies 0
Sushubh News 2
Sushubh Apps 0

Similar threads