India’s biggest public sector bank, the State Bank of India (SBI), is preparing to deactivate some debit cards by the end of this year.
The cards will be deactivated regardless of their expiry, which will leave them totally unusable in the coming days.
In the start of this current year, the Reserve Bank of India enforced the decision to replace old attractive stripe-based credit/debit cards with new, progressively secure microchip-based EMV cards.
The activity provoked banks to inform clients about getting a substitution, however much following quite a while of exertion, SBI says countless fakes transaction are being carried out using the magnetic stripe-based cards.
In spite of the fact that SBI says every one of its clients have been given EMV chip and pin-based cards, the frauds have been proceeding to date.
This is the reason they have now chosen to deactivate all dynamic magstripe cards by December 31, regardless of when they should lapse.
Presently, this implies, on the off chance that you are still on the dated SBI card, it won’t work in 2020.