Mumbai: Banks may block your debit/credit cards if you fail to get EMV chip cards by 31st December 2018.
Many major banks including SBI had informed their customers about the issue.
According to the report published in Financial Express, as per SBI, the EMV Chip Debit Card can be recognized by the chip located on the card. This chip can protect the card from Cyber threats.
It may be mentioned that earlier, RBI had issued an instruction to replace magnetic stripe cards with EMV Chip before 31st December 2018.
It may be noted that the new EMV cards are more secure when compared to magnetic stripe cards.