Switch to EMV chip cards

As per the directive from Reserve Bank of India, debit(ATM) cards and credit cards without EMV chip will be blocked immediately. Most of the Banks are sending replacement cards to KYC compliant account holders whose PAN card is already linked.

You can apply for replacement cards through Internet Banking or the digital solutions provided by the respective banks as well, provided your PAN (Permanent Account Number)  is already linked to the account. Remaining customers have to apply for new cards at their home branches. Make sure to carry your PAN card. Those who are not having a PAN card will have to fill up the Form 60, which is the declaration to be filed by an individual who does not have a Permanent Account Number and who enters into any transaction specified in rule 114B.

No replacement charges will be taken. If applied at home branch, new cards will be dispatched to your permanent address given in the account or to your desired temporary address based on your convenience.

EMV stands for Eurocard, Masterpay, and Visa, the three companies that originally created the standard. EMV cards are smart payment cards which store data on integrated circuits rather than magnetic stripes. It’s also known as chip cards or IC cards, these cards create dynamic data every time a user makes a transaction using them. Hence EMV chip cards are comparatively secure with respect to the magnetic stripe cards. However, the standard is now managed by a consortium of financial companies, EMVCo.

Do make sure that you have upgraded your debit card or credit card to EMV chip-enabled ones at the earliest.

GREG RAKOZY xxxx xxxxx

One Comment Add yours

  1. Nida says:

    Thank you for the valuable information.

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