From now onwards only ATM/Credit cards with EMV chips acceptable

January 2: This news item may be very important for those readers who are using debit/credit cards. If you are using an old ATM/debit or credit card then you need to visit your bank immediately. This is because old ATM/debit or credit swipe cards will stop working starting January 1, 2019. The Reserve Bank of India (RBI) in 2015 had issued a directive to all bank across India mandating them to get rid of old magnetic stripe cards.

RBI is strict on this aspect because magnetic stripe cards can easily be skimmed and misused by criminals. As per the RBI directive, all magnetic stripe cards were to be replaced by EMV chip cards by December 31, 2018.

Meanwhile, all banks have stopped supporting old magnetic stripe cards from 1 January, 2019. From now onwards, all ATM and credit cards with EMV chip will only be acceptable for all transactions. Usually ATM cards issued before 2013 are most likely to be magnetic stripe cards. Look for EMV chip on the left hand side of the front of your credit/debit card. If there is a SIM card-like chip, then its fine. Else, your card is an old magnetic stripe card and you need to replace it immediately for doing transaction in 2019.

To replace your stripe card, contact your bank’s home branch in case you haven’t received any information from your bank as yet. Banks usually do not charge any extra money to replace your magnetic stripe cards with new EMV chip cards. You can also request for EMV card via internet banking. But remember, once you get your new EMV chip card, just don’t forget to change your PIN for better security purposes.