RBI extends deadline for card security measures till Nov 30

To provide uninterrupted services to the customers, RBI decided to extend the deadline

June 25, 2013 2:15 IST | India Infoline News Service
The Reserve Bank of India (RBI) extended deadline for introduction of additional security features for payment through debit and credit cards till November 30.

With a view to providing uninterrupted services to the customers, it has been decided to grant an extension of time, RBI said in a notification on Monday.

The new deadline for banks to comply with all the security features, like EVM chip on cards, realtime fraud monitoring system, use of PIN, limit on transactions etc, is November 30, it said.

The RBI further said "in the event of a customer complaining of misuse of the card after the date stipulated (deadline)...the issuer or the acquirer who has not adhered to the time lines should bear the loss".

A review of banks’ preparedness for securing card as well electronic transactions indicated that technical glitches like field visits to all the ATM and POS locations, certification delays, re-carding /fall back related issues, non-preparedness of the acquirers leading to rejections, issuers concerns, etc. were hampering the smooth & timely transition to the desired environment for such transactions, the notification said.

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