The Reserve Bank of India, on Monday, extended the deadline for introduction of additional security features for payment through debit and credit cards as banks and related entities had yet to put in place the requisite infrastructure.
With a view to providing uninterrupted services to customers, it has been decided to grant an extension of time, the RBI said in a notification.
The new deadline for banks to comply with all security features such as EMV (Europay, MasterCard and Visa) chip on cards, real time fraud monitoring system, use of PIN, limit on transactions and the like is November 30, it said.
The deadline has been extended following representations from stakeholders. The RBI further said “in the event of a customer complaining of misuse of the card after the date stipulated (deadline)...the issuer or the acquirer who has not adhered to the time lines should bear the loss.’’
The RBI had in September, 2011, issued the guidelines for additional security features with a view to guarding cardholders against cyber frauds and other misuse.
Increased usage of credit and debit cards has led to rise in frauds, especially in the case of lost or stolen cards. Also, there have been reports of data on cards being compromised and cards skimmed/counterfeited.
