Big cash crisis is coming..Banks will block your debit, credit cards

New Delhi, Pancham Saude, Nov 25: As per Reserve Bank of India guidelines, some debit or credit cards may not work in the country from January 1 2019. This is because the central bank had asked banks to replace "the magnetic stripe cards" with the EMV chip, PIN-based ones by December 31, 2018. Customers using the old-technology cards still have more than a month to get it replaced and the new EVM cards will come with more security features and is supposed to be less vulnerable to frauds.

The RBI had issued the directive on August 27, 2015 and gave more than three years to complete the transition to all the banks. The RBI in its official statement said: "with effect from September 1, 2015 all new cards issued – debit and credit, domestic and international – by banks shall be EMV chip and PIN-based cards." However, the last date kept postponing and banks had been sending SMSes to the customers to update their cards. 

What is EMV?

EVM is the latest standard of security in chip card for debit and credit cards, where EVM stands EuroPay, MasterCard and Visa. This card will have a microchip that protects buyers against fraudulent transactions.

How to check if your card EMV enabled?

EMV cards will feature a golden-coloured chip embedded on the front left side of the card.

How EMV is different from magstripe card?

EMV chip and PIN cards are very hard to clone and will prevent users from fraudulent. The chip and PIN cards get advanced encryption which prevents unauthorised access, protects against both counterfeit and lost and stolen card fraud.

How to replace your old magstripe card:

First, via Net-banking

* For this process, SBI users can login on (onlinesbi.com) with their user ID and password.

* Click on 'e-services' tab

* Click on 'ATM card services' from the menu

* Users need to opt for 'Request ATM/Debit Card' option

* a new webpage will appear

* Now select your savings account and option to replace the ATM card

* Then click on the 'Submit' button to complete your request to get the new EMV chip card which will be sent to your registered address.

And second, by visiting your bank's home branch