Chip Based ATM cum Debit Card Introduced Soon:RBI Working Group

Posted: 22 Jan 2011 01:14 AM PST

Concerned over rising incidents of cyber frauds, the RBI will soon ask banks to shift to chipbased ATM cards from the existing magnet strips ones and upgrade the currency vending machines. While pitching for chip-based cards, the report said, it is difficult to copy and make their duplicates as compared to the existing magnet strips ones. Earlier RBI has formed a group and objective of the...

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