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Some Debit/Credit cards won't be valid from Jan 1st

Saturday, November 24, 2018 • Tamil Comments
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Some Debit/Credit cards wont be valid from Jan 1st

As per an RBI circular issued about three years ago, those debit/credit cards using old features (known as magnetic stripe cards) will not be valid from January 1, 2019. It's for this reason that some of the banks have already started issuing new ATM/credit cards with enhanced features. These are known as EMV chip and PIN based cards.

The additional security features that EMV cards possess will make frauds difficult, RBI says. The acronym stands for EuroPay, MasterCard & Visa.

Banks like the SBI are letting their customers apply for a new card via online, in case they have not received one from the bank. All banks allow their customers to visit any branch to apply for an EMV card.

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