RBI refuses to give extra time to banks in updating EMV, ATM pin

As a measure to tackle fraud and safegaurd the easy-access of money of, RBI has asked banks to upgrade all ATMs by September 2017 with additional safety measures to process EMV chip and PIN cards - a move in eliminating fraud of debit and credit cards.

Some banks have requested the central bank for more time in upgrading the EMV (Europay, Mastercard, Visa) and PIN transaction. Photo: Wikipedia

The Reserve Bank of India today, announced that no extra time will be provided to banks in regards to upgradation of EMV chip and ATM pin transactions.

Some banks have requested the central bank for more time in upgrading the EMV (Europay, Mastercard, Visa) and PIN transaction.

As a measure to tackle fraud and safegaurd the easy-access of money of, RBI has asked banks to upgrade all ATMs by September 2017 with additional safety measures to process EMV chip and PIN cards - a move in eliminating fraud of debit and credit cards.

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While the POS terminal infrastructure in the country has been enabled to accept and process EMV chip and PIN cards, the ATM infrastructure continues to process the card transactions based on data from the magnetic stripe, a report from Indian Express report.

RBI said in a notification said, “As a result, the ATM card transactions remain vulnerable to skimming, cloning, etc. frauds, even though the cards are EMV chip and PIN based.”

While extending the deadline to September 2016, RBI said,"The magnetic stripe cards issued would have to be replaced by December 31, 2018 irrespective of the validity period of the card and accordingly banks may have to take proactive steps to ensure that the deadlines are adhered to without fail."

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Reserve Bank of India (RBI)EMV Chip ATM pin Banks Banking & Financial Services Debit Card Credit Card