RBI new notification on Card transitions!
Posted on: 17/May/2015 1:16:32 PM
The debit cards issued by most banks have magnetic strips.
Some other banks issue debit & credit cards with chip technology.
Giving due consideration for safety of operations, Reserve Bank of India has ordered all the banks to make only chip-based credit/debit cards from November, 2015.
Currently, new types of debit/credit cards, known as �contactless cards�, which will facilitate transaction by merely showing them to the device, are being distributed to prevent data stealing by using skimmer devices.
Secret code number is essential while using credit/debit cards in shops for better safety.
Reserve Bank of India has notified that while using the contactless debit/credit cards, secret code number is not required for transactions up to Rs. 2000/-.
