News By/Courtesy: Swechha Kharga | 01 Dec 2018 18:52pm IST

HIGHLIGHTS

  • According to the notification passed by the Reserve Bank of India (RBI), banks have been ordered to make it mandatory to issue cards with EMV chips fitted on them.
  • Previously the banks issued cards with a magnetic strip at the back, which was swiped for payments as well as to take out cash from the ATM’s.
  • But the notification by the RBI mandates customers to replace their credit or debit card if they don’t have a chip at the front before the year ends.

According to the notification passed by the Reserve Bank of India (RBI), banks have been ordered to make it mandatory to issue cards with EMV chips fitted on them. Previously the banks issued cards with a magnetic strip at the back, which was swiped for payments as well as to take out cash from the ATM’s. But the notification by the RBI mandates customers to replace their credit or debit card if they don’t have a chip at the front before the year ends. With the EVM ( named after Euro Pay, Mastercard, and Visa ) chip technique, the customers will benefit as it is entrusted with storing confidential data like your account details and even access to the personal identification numbers or PIN. The guidelines read as follows, “ the directive is applicable to all domestic as well as international cards, the older magnetic strips- only cards will be valid after the deadline. This card needs to be replaced even if their validity date ends after December 31, 2018. As the payment through the card becomes a reliable source of payment method in the country, it is of concern to make it a secure source too. So, the customers with a card with a magnetic strip will have to replace their card, especially because it will stop working for payments and on ATM machines by 31 st December. Banks will replace the card free of cost.

Section Editor: Priyanshu Gupta | 01 Dec 2018 18:57pm IST


Tags : #India#RBI#Magnet Card

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