Banking News

Extension of time for migration of existing magnetic stripe cards to EMV Chip and PIN based cards

As a security and risk mitigation measure RBI vide its circular dated May 07, 2015 directed that with effect from September 01, 2015 all debit and credit, domestic and international cards issued by the banks shall be EMV Chip and PIN based cards. However in view of various banks expressing difficulties in meeting the above timeline, the Central Bank has now extended the time limit for EMV Chip and PIN cards as under

Cards issued for PMJDY / BSBDA) and other Government schemes       : September 30, 2016

All new cards other than cards mentioned above                                              : January 31, 2016

Banks were asked to take necessary steps with regard to migration of existing magnetic strip cards to EMV Chip and PIN cards so as to ensure that all magnetic strip cards are replaced by December 31, 2018 irrespective of validity period of the cards.

RBI further advised that during the extended period, all cards issued for international usage will necessary be EMV Chip and PIN cards. If they receive any specific request for issuance of domestic cards with EMV Chip and PIN cards, the banks should promptly comply with the request.

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