BackWait longer for safe bank cards
Some may have already got the new card. In the transition period you can use both old and new cards
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With some stakeholders requesting an extension, the Reserve Bank of India (RBI) on Monday extended the deadline for the introduction of “safe" credit and automated teller machine (ATM) cards till 30 November. The new cards should comply with security features such as Europay, MasterCard and Visa (EMV) chip, real-time fraud monitoring system, use of personal identification number and limit on transactions.
RBI stated that after it reviewed the banks’ preparedness for secure cards as well electronic transactions, it found that there were still some technical glitches. With a view to provide uninterrupted services to customers, it was decided to grant an extension.
Considering the earlier deadline was 30 June, some customers have already received their credit/ATM cards. So what should you do with the old card that is still with you? Also, if you have not received a new credit/ATM card, what should you do?
Got a new card
Not got a new card
Considering that RBI has extended the deadline for new cards, your bank will approach you with the new card before 30 November. Till then you can continue using your existing cards. The move to replace the existing card came in due to a rise in frauds. Remember that a chip-based card is more secure as it is difficult to copy data from it compared with a magnetic-strip card. To ensure that the card reaches you, do update your address with the bank. Meanwhile, if you want to get a secure card you can replace the existing credit card with a new one by picking the features that you need such as zero-liability, chip-based card, factors of authentication and easy ways to block your card in case of fraudulent activities.
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