It's 1st January 2019 and Old ATM and Credit Cards Will Stop Working In India From Today; Check if your Bank's Card is on the list
With the new RBI rule in place, only ATM/debit or credit cards with EMV chip will be accepted starting January 1. According to reports, most ATM/credit cards that were issued before 2013 mostly come with a magnetic chip.
New Delhi, January 1: Individuals using the old ATM/debit or credit card will face issues in carrying out financial transactions as all the old cards will stop working from today, i.e. 1st January, 2019. In order to avoid any hassle, people are advised to visit their respective banks and get the ATM card upgraded with the new chip mechanism immediately. All the banks across India have stopped supporting old magnetic stripe cards starting January 1. The only way individuals can enjoy services is by upgrading to the new card.
The Reserve Bank of India (RBI) in 2015 had issued a directive to all bank across India mandating them to get rid of old magnetic stripe cards. With the new RBI rule in place from 1st January 2019, only ATM/debit or credit cards with EMV chip will be accepted. According to reports, most ATM/credit cards that were issued before 2013 mostly come with a magnetic chip. From ATM Debit Card to Cheque Books, Know New Bank & IT Rules Which Will Come Into Effect From January 1, 2019.
According to the RBI directive, all magnetic stripe cards were to be replaced by EMV chip cards by December 31, 2018. The decision to upgrade to new EMV chips was because magnetic chip cards could easily be skimmed and misused by criminals.
What are EVM Chips:
The EMV chips look similar to the chip on a SIM card and are placed close to the top of left edge of a credit or debit card. 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.
Get New EMV chip card for Free:
It must be noted that the process of replacing the old stripe card with EMV chip card is absolutely free and people can get it done for free in few minutes. Individuals can also request an EMV card via internet banking while one can also get the new EMV card delivered to your registered address by applying at your bank’s home branch.
The RBI had asked all the banks to issue only chip-based and PIN-enabled debit and credit cards with an aim to protect customers from frauds. If you still haven't changed your ATM/Debit card or credit card, you can visit your bank branch and get it upgraded as early as possible. The new EMV card will come with a new PIN. Individuals need to activate the new card at the home bank's ATM for the first time.
(The above story first appeared on LatestLY on Jan 01, 2019 12:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).