 "RBI gives extension to banks for issuance of chip, pin based cards")
The Reserve Bank of India (RBI) has given an extension to banks for issuance of EMV chip and PIN cards. The regulator had said in May that with effect from September 1, all new cards issued — debit and credit, domestic and international — by banks should be EMV chip and PIN-based, for enhanced security.
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The regulator has given time till September 30, 2016, for cards issued under the Pradhan Mantri Jan Dhan Yojana (PMJDY), Basic Savings Bank Deposit Account (BSBDA) and other government schemes. For all other cards, the extension is up to January 31, 2016.
The regulator has given time till September 30, 2016, for cards issued under the Pradhan Mantri Jan Dhan Yojana (PMJDY), Basic Savings Bank Deposit Account (BSBDA) and other government schemes. For all other cards, the extension is up to January 31, 2016.
RBI said representations had been received from various banks expressing difficulties in meeting this timeline on account of existing stock of magnetic stripe only cards with their branches. Further, banks also indicated that more time was required for completion of certification process for the issuance of EMV chip and PIN cards.
However, the regulator has said that during this extended period, in case of specific requests from customers for issuance of EMV chip and PIN cards, banks should promptly comply with the request.
With respect to migration of existing magnetic stripe only cards to EMV chip and PIN cards, RBI has asked banks to initiate necessary steps to ensure that all active cards issued by them are EMV chip and PIN based by December 31, 2018.