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Save your debit/credit cards from stop working; do this before December 31

Speed News Desk | Updated on: 28 November 2018, 10:04 IST

According to a notice issued by the Reserve Bank of India in 2015, the banks were directed to cease the use of old magnetic stripe card. The RBI mandated the banks to get rid of these type of cards as they could be skimmed easily.

As per the RBI directive, all magnetic stripe cards must be replaced by EMV chip cards by December 31, else the older magnetic stripe cards may stop working from January 1, 2019.

The EVM cards are securer and claim to be effective in combating fraud with their authentication capabilities. While magnetic stripe cards does not support dynamic authentication. So it becomes easier for the fraudsters to copy from a traditional magstripe card.

EVM chip in the card.

Check your card; if it has an EVM chip as shown in the image, then you don't need to worry and can continue using it. However, if it doesn't then go to your bank and surrender the card. Also, apply for an EVM card immediatey in order to continue availing the card service.

Contact your home branch regarding the same, if you haven't yet received any information regarding the use of magnetic stripe card. After applying for an EVM card, you will get the card delivered to your registered address.

Also, keep in mind that if your card is an old card that was issued before 2008, it is likely to be a magnetic stripe card.

First published: 28 November 2018, 10:04 IST