f you have an old debit card, brace for some inconvenient time in New Year from January 1, 2019. If you are using an old credit or Debit/ATM card, chances are it may not work from tomorrow. This is because it lacks the magnetic strip in it.
According to a directive issued by the Reserve Bank of India, all the banks operating in India have been asked to get rid of old magnetic stripe cards that are easy to clone and can be used in other bank frauds. Instead, bank users have to use cards with a security chip inside them.
Reserve Bank on India had asked banks to issue only chip-based and PIN-enabled debit and credit cards with an aim 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.