InvestorQ : What is the mandate for banks for issuing magnetic stripe cards or EMV Chip & PIN cards?
shivani Walawalkar made post

What is the mandate for banks for issuing magnetic stripe cards or EMV Chip & PIN cards?

Answer
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1 year ago


RBI has mandated that banks may issue new debit and credit cards only for domestic usage unless international use is specifically sought by the customer.

Such cards enabling international usage will have to be essentially EMV chip & PIN enabled.

Furthermore, the RBI had mandated banks to convert all existing magnetic stripe cards to EMV Chip & PIN cards before December 31, 2018.