New Delhi sources stated that the RBI had directed banks to migrate entirely from EMV chip and PIN based cards system. Meanwhile since the migration was a time consuming one the banks had requested the RBI to extend the December 31 deadline, but the plea was turned down by the central bank.
Furthermore the magstripe cards are easier preys to banking frauds like skimming, which the EMV cards can keep at bay. Reportedly this has been done keeping in mind to further enhance the security and risk mitigation in card present transactions, and also the impact it may have on achieving the timeline for complete migration of all existing magstripe cards.
Moreover a circular has been decided not to grant any further extension beyond the respective timeline indicated in the main circular dated August 27, 2015 for new issuance and full migration to EMV Chip and PIN cards," RBI had said in a notification dated September 15, 2016 that it has decided not to grant any further extension beyond the timeline mentioned in the notification. Meanwhile the EMV chip, named after its creators Europay, MasterCard and Visa, stores payment data on a chip enabled payment card with support for dynamic authentication.
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