India’s largest bank SBI has recently issued a notice on its official website declaring its customers that “all the Magstripe Debit Cards which are in the blocked state as on 28-Feb-2017 and to all such requests for blocking thereafter will remain blocked permanently. Instead, free EMV Chip Cards have to be issued to them. The affected cardholders are to be advised to apply for replacement EMV Chip Card through internet banking or by approaching their home Branch.”
With this new alteration, it has been advised to SBI Debit card users to get their old Magstripe Debit Cards replaced with the EMV Chip Cards before December 31, 2018. Customers who did not follow the changes will not be able to use their debit Cards in SBI ATM machines.
SBI: New Changes
SBI chose Twitter to inform its customers and Tweeted, “Dear Customers, it’s time to make a shift. As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018. The conversion process is absolutely safe and comes with no charges. Know more: https://bank.sbi/portal/web/personal-banking/magstripe-debit-cardholders”.
Prior to this, SBI had launched a Multi Option Payment Acceptance Device for the digital convenience of the customers as well as merchants. As per the lending major, MOPAD allows customers to make payments through “Cards, Bharat QR, UPI and SBI Buddy (e-wallet)” on a single PoS (Point of Sale) terminal.
“MOPAD will help merchants to integrate different kinds of a transaction through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow,” said the SBI Chairman Rajnish Kumar.
“This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”
According to the statement, the new replacement would roll-out on all the PoS terminals in the phased manner.
It is reported that SBI has deployed 6.23 lakh PoS terminals.