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EMV compliance deadline extended

Banks have been given extension in the last date for issuance of EMV chips and PIN cards. The Reserve Bank of India said it is giving time till 31 January 2016 for various cards to implement EMV chips and PINs and in the case of cards issued under PMJDY, basic savings bank deposit accounts and other government schemes up to 30 September 2016. The deadline was 1 September 2015. RBI said representations had been received from various banks expressing difficulties in meeting this timeline on account of existing stock of magnetic stripe only cards with their branches. Further, banks also indicated that more time was required for completion of certification process for the issuance of EMV chip and PIN cards. RBI said during this extended period, in case a customer requests for EMV chip and PIN cards, the banks should comply with the request. It has also said that banks should ensure that all active cards issued by them should be EMV chip and PIN based by 31 December 2018.

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