State Bank of India (SBI) has asked its customers to get their ATM-cum-debit cards with magnetic stripe replaced with the one with EMV chip before December 31.
About:
Earlier, Reserve Bank of India (RBI) had asked banks to issue only chip-based and PIN-enabled debit and credit cards to protect customers from frauds.
EMV chip card and PIN protects against both counterfeit (skimming) and lost and stolen card fraud.
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