Reportedly State bank of india has notified its card holders on replacing the old magnetic strip-based credit and debit cards with EMV Chip based cards. Meanwhile this is being done as per the directions of the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india and the last day for doing this is december 31 and effective january 1, 2020, if you are holding a card with the magnetic strip, it will not be accepted at the ATMs or at merchant establishments.
Currently there is a lot of confusion among the customers and many of them are posting queries online. sbi has been giving them the clarifications. Further sbi has clarified that if you were holding the old magnetic strip card and used it to draw cash or to transact any payment, the bank would have automatically sent you the EMV Chip-based card to your address registered with the bank.
sbi had said in a statement "Upgradation of Magstripe Debit Cards to EMV Chip Cards for enhanced security and towards compliance of the bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) guidelines. Esteemed customers may please note that Magstripe Debit Cards blocked by them will remain blocked permanently. Perhaps they are requested to apply for replacement EMV Chip Cards, free of cost, through online sbi, or through their home branch".
