ATM upgrades in India by September 2017: RBI to Banks On Thursday (dated: May 26, 2016) Reserve Bank of India asked banks to upgrade all their ATMs by September 2017. In that upgrade, all the banks need to improve the safety measures to prevent skimming and cloning of debit and credit cards.
The Reserve Bank indicated that POS terminal infrastructure in the India has been enabled and the process of EMV Chip and PIN cards. and continue to the process of transactions based on the data from the magnetic stripe in the card.
The Reserve Bank of India said, “As a result, the ATM card transactions remain vulnerable to skimming, cloning, etc frauds, even though the cards are EMV Chip and PIN based. It has, therefore, become necessary to mandate EMV Chip and PIN card acceptance and processing at ATMs also.”
At present security of EMV Chip and PIN cards at ATMs would not built the high safety.
Also, RBI added in the notification as, “Banks in India and the White Label ATM operators are, therefore, advised to ensure that all the existing ATMs installed/operated by them are enabled for processing of EMV Chip and PIN cards by September 30, 2017.”
Also, all new ATMs should necessarily be enabled for EMV Chip and PIN processing from inception.
The RBI added, “For the purpose of switching, clearing, and settlement of their ATM transactions, banks with the approval of their Board, may join any authorized ATM/Card network provider.”
Further, in order to ensure uniformity in card payments ecosystem, “Banks shall also implement the above requirements at their micro-ATMs which are enabled to handle card-based payments”, it added.
Banks can put in place their own Board approved the policy on merchant acquisition.
I build stories on popular topics in technology, sports and entertainment. A common Life lover who like to do watch cinemas, pencil drawings, dance, slow traveling, cook, create ideas, and so on. My own quote (I think so): Nothing surprising if we knew! Most of the WORLDHAB YouTube videos are created by me! Check it below;