Discontinuation of Visa Transfer Service for payment towards VISA Debit cards

RBI bans VISA money transfer to Debit cards but permitted to continue visa money transfer to credit card. Axis bank informed it's customers about the immediate stoppage of this service.

According to the instructions issued by Reserve Banking of India (RBI) dated October 8, 2010, we have had to revoke the Visa Transfer service for payments towards Visa Debit Cards with immediate effect. Thus, payment services to Visa Debit Cards under this facility would not be possible using the internet banking portal and the ATM machines. All such scheduled transactions thereby stand cancelled.
However, since the RBI has permitted the use of Visa Transfer services for credit card repayments, payments towards credit cards using this service can still be made.
You may continue to transfer funds to Axis Bank accounts using the Fund Transfer facility and to accounts of other banks using the Power Transfer facility from your Internet Banking page.
We apologize for the inconvenience caused.
Regards
Debit Cards Team

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