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For transactions where cards are needed to be presented physically gucci bags, RBI has already made it mandatory for identity verification and the signature also needs to be matched with that on the card.
According to banking sector experts, those customers who do not get an OTP before January 1, will be prompted to get one whenever they initiate a phone banking transaction.

The added security layer for phone banking follows a similar step taken by banks for internet banking transactions. Earlier this year, RBI had made it mandatory for banks to provide their customers an additional security layer for all the credit card transactions conducted over internet.

The password will be sent only to the registered mobile number and email address of the customer. After the new security layer, customers will need at least five numbers to conduct a credit card transaction over phone, including the 16-digit card number, card expiry date, CVV (Card Verification Value number(printed on the back of the card), mobile number, and OTP.

However, OTP will be valid for a single use and would remain in effect for a period of two hours. The customers will need to generate a separate OTP for each IVR transaction.

Banks like Citibank and HDFC Bank have already communicated to their customers to get the OTP for their phone banking transactions, while others are in the process of doing so.
“Starting January 1 gucci purses, 2011 these (IVR) transactions need to be authenticated with an additional password. This is mandatory according to the RBI guideline,” HDFC Bank said in a circular to its credit card customers.

According to the RBI guidelines, banks must decline any telephonic banking transactions, including the automated IVR (Interactive Voice Response) services gucci handbags, where the customers do not have a one-time password (OTP) for such services with effect from January 1, 2011.
The new step has been taken as a safeguard against credit card frauds. There has been an uptick in credit card frauds where lost or stolen cards can be used by anyone.
Banks will ask for an additional password from their credit card customers from the New Year for any transactions conducted over phone, subsequent to a Reserve Bank of India (RBI) direction for making phone banking more secure.