Your old ATM/Debit card may not work from tomorrow
New Delhi: If you are still carrying your old ATM-cum-debit card with magnetic stripe, there is a possibility that your card will not work tomorrow (January 1).
This is because an RBI circular had mandated that all old ATM debit cards with magnetic stripe chip be replaced with the one with EMV chip before December 31.
The Reserve Bank of India had asked banks 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 chip card and PIN protects against both counterfeit (skimming) and lost and stolen card fraud.
EMV stands for ‘Europay MasterCard Visa’ while the PIN is an acronym for ‘Personal Identification Number’. Several banks too had already started replacing the magstripe cards with EMV equipped cards since the issuance of RBI circular.
It is easy to identify if the card has EMV or not. EMV cards have a golden chip embedded on the card on the front side. (agencies)