BUSINESS

Switch to chip-based cards: SBI

The country’s largest lender 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.

The Reserve Bank of India had asked banks to issue only chip-based and PIN-enabled debit and credit cards to protect customers from frauds.

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.

EMV stands for ‘Europay MasterCard Visa’ while PIN is acronym for ‘Personal Identification Number.’

The EMV chip debit card will be issued free-of-cost, SBI said.

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