State Bank of India (SBI) account holders are being contacted by the bank, which has said that they have permanently blocked their debit card (ATM). The reason for blocking the ATM card is that the bank has decided to replace Magistrive (debit) debit cards with EVM Chip debit cards from security reasons.
SBI will issue EVM Chip Debit Card without charge
The bank has said in its website that the Bank has decided to permanently block the Magistrate Debit Card to comply with the RBI guidelines and for the security guideline. To change their ATM card, the account holders will have to go to the bank or apply via internet banking (www.onlinesbi.com). SBI will issue a no-charge EVM Chip debit card without.
Last year, the Reserve Bank of India (RBI) asked banks to shift from EVM Chip and PIN based models of Magnetic Strip-based ATMs, so that the security of the cards could be ensured by cloning, skimming. Also, customers can be saved from other types of fraud. RBI was directed to all banks, including the white label ATM operators, that they would be shipped from the card based ATM till September 30, 2017.
EVM Chip Technology is currently the global standard for debit card payments. This technology has to follow the standard developed by Europe, MasterCard and Visa. This is a much more secure technology than Magestridge cards. Chip based cards have a maximum level of security.