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?
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
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?