From April 29, all debit cards without EVM chips, would have stopped working. This is a rule brought forward by the RBI and so, most EVM less Debit cards cannot be used to with draw money, rendering the card as useless.
In 2015, RBI had released a notification under 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), which made it mandatory for all cards be it debit or credit card holders, will have to have a chip based cars.
As per the notification, the last date for enforcing this rule was December 31 of 2018, but it later was extended to April 29 this year.
The RBI has made it mandatory for banks to see that all its active account holders are being sent the new EVM laden debit/credit cards.
The old card are said to be magnetic based cards. these cards are prone to fradulant access and cheating. Most widely used fraud is said tobe ATM Skimming wherein details stored in the magnetic strip and used to clone copies of these cards.
With EVM Chips, these frauds are not possible.
EMV Chip-based cards is a globally accepted technology created by Europay Mastercard and Visa, (hence, EMV) and is supported by RuPay, American Express, Discover, JCB, Mastercard, UnionPay and Visa.
Have you shifted from your normal card to an EVM based card yet?
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