Tuesday, October 6, 2015

Issuance of EMV Chip and PIN Cards

It has been decided to grant extension of time for issuance of EMV Chip and Pin cards as under:

Sr. No.
Type of Card/s
Time extended upto
Cards issued under PMJDY / Basic Savings Bank Deposit Account (BSBDA) / other Government schemes
September 30, 2016
All cards other than (i) above
January 31, 2016

In case of specific requests from customers, banks should promptly comply with the request. Besides, all cards issued for international usage will necessarily be EMV Chip and Pin cards, as already advised.

Regarding migration of existing cards, banks have to ensure that the magnetic stripe cards would have to be replaced by December 31, 2018 irrespective of the validity period of the card.

Based on RBI Circular dt 27/08/15. Please visit www.rbi.org.in for any further clarification if required…..          Poppy