2. In this regard, representations have been received from various banks expressing difficulties in meeting this timeline on account of existing stock of magnetic stripe only cards with their branches. Further, banks have also indicated that more time is required for completion of certification process for issuance of EMV Chip and Pin cards.
3. Accordingly, it has been decided to grant extension of time for issuance of EMV Chip and Pin cards as under:
Type of Card/s
Time extended upto
Cards issued under the Prime Minister Jan Dhan Yojana (PMJDY) / Basic Savings Bank Deposit Account (BSBDA) / other Government schemes
September 30, 2016
All cards other than (i) above
January 31, 2016
4. During this extended period, in case of specific requests from customers for issuance of EMV Chip and Pin cards, banks should promptly comply with the request. Besides, all cards issued for international usage will necessarily be EMV Chip and Pin cards, as already advised.
5. As regards migration of existing magnetic stripe only cards to EMV Chip and Pin cards, banks may initiate necessary steps to progressively migrate on their own accord so as to ensure that all active cards issued by them are EMV Chip and Pin based by December 31, 2018. The issuing banks may please note that the magnetic stripe cards issued would have to be replaced by December 31, 2018 irrespective of the validity period of the card and accordingly banks may have to take proactive steps to ensure that the deadlines are adhered to without fail.
6. This directive is issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of 2007).