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 number of debit card frauds.
Only a alert customer can avoid getting into traps which result in money getting lost and then running around with FIR,complaints to banks etc.
Some recommended tips to save yourself from card frauds.
Throwing away papers with bank a/c number written on them-Instead tear the papers or shred them.
Using unsecure or public computers for card transactions-
Replying to emails which ask for personal banking details or giving away telephonic info when contacted by somebody pretending to be your banker-no bank will ask for such info when everything is already on their records.
Writing down PIN number -memorise the number and never carry such papers with PIN written, along with card.
Do not carry your card everywhere unless you are going to use it.
I seen lot of people carrying a range of cards in their purse.
If you loose your purse,the amount of work and pain you have to undergo in informing banks about loss of credit card/debit card etc.
Once India moves over to chip and PIn based cards,skimming will dwindle.
From India, Pune
Only a alert customer can avoid getting into traps which result in money getting lost and then running around with FIR,complaints to banks etc.
Some recommended tips to save yourself from card frauds.
Throwing away papers with bank a/c number written on them-Instead tear the papers or shred them.
Using unsecure or public computers for card transactions-
Replying to emails which ask for personal banking details or giving away telephonic info when contacted by somebody pretending to be your banker-no bank will ask for such info when everything is already on their records.
Writing down PIN number -memorise the number and never carry such papers with PIN written, along with card.
Do not carry your card everywhere unless you are going to use it.
I seen lot of people carrying a range of cards in their purse.
If you loose your purse,the amount of work and pain you have to undergo in informing banks about loss of credit card/debit card etc.
Once India moves over to chip and PIn based cards,skimming will dwindle.
From India, Pune
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