With an aim to protect customers from frauds, the Reserve Bank of India had asked banks to issue only chip-based and PIN-enabled debit and credit cards. As part of it, the largest lender State Bank of India (SBI) has asked its customers to get it done before December 31, 2018. The bank has suggested that ATM-cum-debit cards with magnetic stripe should be replaced with the one with EMV chip. Europay MasterCard Visa(EMV) chip card protects against counterfeit (skimming) card fraud. EMV chip debit card issued as a replacement will be free of cost, SBI clarified.
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