The Reserve Bank of India (RBI) has extended the deadline for banks to issue new chip-based and PIN enabled debit and credit cards to 31 January 2016 from 1 September 2015.
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RBI said in a notification that the deadline has been extended to 30 September 2016 in case of cards issued under government schemes such as the Prime Minister Jan Dhan Yojana (PMJDY).
For all other cards, the deadline has been extended to 31 January 2016.
Earlier in May 2015, the central bank had notified banks to issue only chip-based and PIN enabled debit and credit cards from 1 September 2015 as part of its security and risk mitigation measures for card protection and electronic payment transaction.
However, it received representation from multiple lenders expressing difficulties in meeting the timeline due to existing stock of magnetic stripe only cards with their branches.
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By GlobalData"As regards migration of existing magnetic stripe only cards to EMV Chip and Pin cards, banks may initiate necessary steps to progressively migrate on their own accord so as to ensure that all active cards issued by them are EMV Chip and Pin based by 31 December 2018," the notification added.
