State Bank of India has completely migrated its debit cards to EMV Chip and Pin based cards. The bank claimed it has become the first large bank to issue 100% EMV cards compliant with RBI’s August 2015 directive on ‘Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions.’ EMV cards will allow consumers to transact securely at POS terminals and would contribute towards making the Indian payment ecosystem more secure. All customers opening accounts with the bank henceforth will receive EMV Chip and Pin based debit cards. Existing customers can also request for upgrading their cards by visiting their home branch against payment of nominal fee. Manju Agarwal, DMD, Corporate Strategy and New Businesses of the bank, said the bank has always been extremely cautious on the security aspect of the digital / electronic transactions. Further, EMV cards will make card based transactions more secure which, in turn, will give a boost to electronification of payments in India, she added.
