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Sunday, July 8, 2018

The ATM card is going to close, the Reserve Bank gave the order

The ATM card is going to close, the Reserve Bank gave the order

There is a big deal on the bank's ATM. Your ATM card can be switched off as soon as possible. Magnetic striped cards are going to close the bank. Instead, the chiped card will now be used only. Two types of cards are currently being used in the country. A magnetic stripe and a second chipped card. Now the bank will close the magnetic stripe card. Instead, the cards with chips will be used.

It is worth mentioning that this is being done according to the RBI order. Card replays deadline is December 2018. RBI has taken this step to keep customers' ATM-debit and credit card details safe. Magnetic stripe card is now an old technology, according to the RBI. Cards have been closed too. This card is not completely secure. This is the reason that these are closed. EVM chip will be replaced instead. EVM chip card will be replaced instead of every old card.

The Reserve Bank of India had ordered every bank in 2016 that consumers' normal magnetic stripe cards would be repaired with chip cards. Its deadline has been fixed December 2018.

◆> Read This News In Gujarati

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