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Debit/Credit cards without fixed EVM chips will not function from today (1st January)
Posted on: 01/Jan/2019 3:37:20 PM
All debit/credit cards not fixed with the EVM chip will not function from today (Tuesday, 1st January).
One cannot use these cars without EVM chips to withdraw cash from ATMs or to swipe in the shops for payment.
From 2019, it is mandatory to use only the debit/credit cards fixed with EVM chips.
The deadline given by the Reserve Bank of India to exchange the old magnetic debit/credit card expired on 31st December. So, the respective banks will block the functioning of these old magnetic debit/credit cards without EVM chips from today (1st January).
As per the directive given by the Reserve Bank of India, all the banks must replace their customers’ magnetic strip debit/credit cards with the new EVM fixed debit/credit cards.
As the old magnetic strip-based old cards can easily be manipulated to copy and then be used for all criminal operations, the Reserve Bank of India ordered the banks to issue chip fixed debit/credit cards. It fixed the deadline date for this as 31st December 2018.
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