Current Affairs - Banking - Discussion

State Bank of India (SBI), the country's largest lender, has asked its customers to replace their ATM cards for Europay, MasterCard, Visa (EMV) chip based ATM-cum-debit cards with magnetic stripe before December 31. The Reserve Bank of India (RBI) had asked banks to issue only chip-based and Personal Identification Number (PIN) enabled debit and credit cards to protect customers from frauds. EMV chip card protects against counterfeit skimming (card fraud). EMV chip card and PIN protects against both counterfeit skimming and lost and stolen card fraud.