India Post latest news: Department of Post has asked its customers to replace existing magnetic ATM cards with EMV chips enabled ATMs. Here's for more

Under the new rules, banks will be able to issue credit and debit cards that can be used only at ATMs and with PoS devices. The choice of using the cards for contactless and international transactions will lie with the user

Almost 155 million debit cards reportedly went out of the market due to the migration from magnetic strip debit cards to EMV-based debit cards

SBI is doing this under the Reserve Bank of India's (RBI) directions make it mandatory for all Indian banks to switch to the globally accepted and safe EMV chip-enabled debit cards

SBI has said that it will not charge any fee from its customers for upgrading their debit cards before December 31

You can apply for the new cards on various channels including net banking, SBI's Yono App or directly from the home branch

With the introduction of EMV chip cards, the ATMs have been upgraded too in order to make use of the upgraded security features of new debit cards.

Once the December-31 deadline ends, all private as well as public banks, in line with the RBI mandate, will deactivate all magstripe credit and debit cards from January 1, 2019.

The Reserve Bank of India has asked banks to ensure that their customers migrate to debit and credit cards with EMV chips by the end of this year.

Following a mandate by the Reserve Bank of India (RBI) to phase out old magstripe cards, the biggest lender in India has asked its customers to upgrade to EMV chip cards by December 31, 2018.

This development is in line with RBI guidelines to banks directing them to migrate entirely to debit and credit cards with EMV chips.

Cards with the EMV chip, named so after its creators Europay, MasterCard and Visa, were introduced as a more secure means of payment.

The EMV chips-based cards will replace the older magstripe cards, which only have a magnetic stripe at the back, as a more secure way of transacting digitally.

As per RBI advisory, it is mandatory to register your mobile number by 30.11.2018 to avail internet banking services

SBI has asked its customers to do this by the end of this month, failing which their internet banking access will be blocked

The biggest public lender has taken this decision to reduce frauds at ATMs and promote digitisation through cashless transactions.

The SBI advisory to its customers asking them to replace their cards is in line with the RBI directive that all magstripe cards will have to be exchanged with EMV chip cards by the end of this year.

Some SBI account holders are receiving messages from the bank stating that their debit cards have been blocked permanently. The reason behind the blockade is that the bank has decided to replace Magstripe Debit Cards with EVM Chip debit cards for security reasons.

Host card emulation is set to revolutionise the way we shop offline and online.

Last October, SBI had reduced its base rate by 40 basis points, from 9.70 per cent per to 9.30 per cent.