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To prevent cases of ATM/debit and credit cards being cloned or skimmed for siphoning off money from a bank account, the Reserve Bank of India has mandated that banks completely do away with ATMs accepting cards with magnetic stripes by September 30, 2017.
EMV-enabledAll new ATMs have to necessarily be enabled for EMV (Europay, Mastercard,Visa) chip and PIN processing from inception.
For the purpose of switching, clearing and settlement of their ATM transactions, banks, with the approval of their boards, may join any authorised ATM/card network provider, the RBI said in a notification on Thursday.
Safety and securityContact chip processing of EMV chip and PIN cards at ATMs would not only enhance the safety and security of transactions at ATMs but also facilitate preparedness of the banks for the proposed “EMV Liability Shift” for ATM transactions, as and when it comes into effect, the RBI observed.
EMV cards store data on integrated circuits with some cards having stripes for backward compatibility.
Banks also have to use the same requirements for micro ATMs enabled to handle card-based payments.
Point-of-Sale terminals across the country already accept this system.
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