These debit, credit cards won't be valid from January 1
New Delhi, Nov 24: Come 1 January 2019, some debit or credit cards may not function. According to an old directive issued by the Reserve Bank of India (RBI), the cards with magnetic strip need to be replaced with the EMV chip, PIN-based ones by December 31, 2018.
The central bank had issued the directive on August 27, 2015, and given the banks more than three years to complete the transition. The RBI had stated that "with effect from September 1, 2015 all new cards issued - debit and credit, domestic and international -shall be EMV chip and PIN-based cards."
Users need not panic as they still have some time left to replace the old-technology cards from their existing lending if they haven't done it so far. The new EMV card comes with more security features and is considered to be less vulnerable to frauds.
What is EVM?
The EMV Chip technology is the latest global standard for debit card payments. This technology features debit cards with embedded microprocessor chips that store and protect the cardholder's data. This is a more secure technology as compared to Magstripe variants of debit cards.
How to know whether your debit card is a Magstripe card or not?
You can identify your debit card as a Magstripe debit card if there is no chip located on the face (centre left position) of the debit card.
How to apply for SBI EMV card online:
Login to www.onlinesbi.com using user id and password. Under "eServices" tab, click on "ATM Card Services" and follow the instructions.