The Reserve Bank of India has advised banks that with effect from September 1, 2015, all new cards — debit and credit, domestic and international — issued by them should be EMV (Europay, MasterCard and Visa) chip- and pin-based cards.
The Reserve Bank has adopted a phased manner of implementation of security and risk mitigation measures in card transactions as evident from the instructions issued from time to time. The acceptance infrastructure is getting geared to accept EMV chip and pin cards.
However, in case of card issuance, while some banks have already moved to EMV chip and pin cards issuance, a large number of banks continue to issue Magnetic stripe cards. Thus, given the level of readiness of the card acceptance infrastructure at point of sale and also the implementation of PIN@POS for debit cards, the time is appropriate to move further along the path to migrate away from magnetic stripe only cards to chip and pin cards.
From India, Ahmadabad
34The Reserve Bank has adopted a phased manner of implementation of security and risk mitigation measures in card transactions as evident from the instructions issued from time to time. The acceptance infrastructure is getting geared to accept EMV chip and pin cards.
However, in case of card issuance, while some banks have already moved to EMV chip and pin cards issuance, a large number of banks continue to issue Magnetic stripe cards. Thus, given the level of readiness of the card acceptance infrastructure at point of sale and also the implementation of PIN@POS for debit cards, the time is appropriate to move further along the path to migrate away from magnetic stripe only cards to chip and pin cards.
From India, Ahmadabad
Dear Sagar, Thanks for information. Addition to this I would like to add RBI notification for reference.
From India, Bombay
From India, Bombay
India stands second in the number of debit card frauds.
Only an alert customer can avoid getting into traps which result in money getting lost and then running around with FIRs, complaints to banks, etc.
Some recommended tips to save yourself from card frauds:
- Throwing away papers with bank account numbers written on them - instead, tear the papers or shred them.
- Avoid using unsecured or public computers for card transactions.
- Do not reply to emails asking for personal banking details or give away telephonic information when contacted by somebody pretending to be your banker; no bank will ask for such information when everything is already on their records.
- Avoid writing down your PIN number; memorize the number and never carry papers with the PIN written along with the card.
- Do not carry your card everywhere unless you are going to use it. Many people carry a range of cards in their purse, which can be risky.
- If you lose your purse, consider the amount of work and inconvenience you will have informing banks about the loss of credit cards/debit cards, etc.
- Once India moves over to chip and PIN-based cards, skimming incidents will dwindle.
From India, Pune
Only an alert customer can avoid getting into traps which result in money getting lost and then running around with FIRs, complaints to banks, etc.
Some recommended tips to save yourself from card frauds:
- Throwing away papers with bank account numbers written on them - instead, tear the papers or shred them.
- Avoid using unsecured or public computers for card transactions.
- Do not reply to emails asking for personal banking details or give away telephonic information when contacted by somebody pretending to be your banker; no bank will ask for such information when everything is already on their records.
- Avoid writing down your PIN number; memorize the number and never carry papers with the PIN written along with the card.
- Do not carry your card everywhere unless you are going to use it. Many people carry a range of cards in their purse, which can be risky.
- If you lose your purse, consider the amount of work and inconvenience you will have informing banks about the loss of credit cards/debit cards, etc.
- Once India moves over to chip and PIN-based cards, skimming incidents will dwindle.
From India, Pune
Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.