Banking News

All new Debit and credit cards will be accomplished with EMV chip and PIN based with effect from September1, 2015


All new Debit and credit cards will be accomplished with EMV chip and PIN based with effect from September1, 2015

As a measure of risk mitigation measure, RBI had communicated to all Scheduled Commercial Banks including RRBs/Co-operative Banks / State Co-operative Banks/Central Co-operative Banks/ Authorized Card Payment Networks to accomplice issuance of EMV chip based cards at various timelines. Accordingly many banks have already moved to EMV chip and pin card issuance and PIN at POS for debit cards. However a large number of banks still continue to issue Magnetic strip cards
RBI vide its circular dated May 7,2015,advised all the banks and card payment networks that with effect from September 01,2015 all new debit and credit cards (domestic and international) shall be only EMV chip and pin based cards for accomplishment of task by banks for card present and electronic payment transactions.

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