Leading India's most trsuted State Bank of India has asked its customers to get their ATM-cum-debit cards with magnetic stripe replaced with the one with EMV chip before December 31.
Coming to the details,
RBI had issued a notice in which it stated that the banks should to issue only chip-based and PIN enabled debit and credit cards with an aim to protect customers from frauds. EMV chip card protects against counterfeit (skimming) card fraud. EMV stands for 'Europay MasterCard Visa' while PIN is acronym for 'Personal Identification Number'.
RBI had issued a notice in which it stated that the banks should to issue only chip-based and PIN enabled debit and credit cards with an aim to protect customers from frauds. EMV chip card protects against counterfeit (skimming) card fraud. EMV stands for 'Europay MasterCard Visa' while PIN is acronym for 'Personal Identification Number'.
SBI has tweeted as " Dear Customers, it's time to make a shift. As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges"
EMV chip debit card issued as a replacement will be free of cost, SBI said. At end-June, SBI had 28.9 crore ATM-cum-debit cards.
SBI website FAQ says that one can apply for the replacement EMV chip debit card by visiting the home branch and also internet banking.
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