PIN required on debit card usage now
It is compulsory to enter the PIN on the use of debit card in any type of transaction. Reserve Bank of India has taken this step to minimize the fear of fraud through debit card.
It is noteworthy that the Reserve Bank of India had extended the deadline for the implementation of the mandatory requirement for entry of brick centers (POS) and commercial retail centers, after the memorandum of the banks, till 30 November. The pin means the individual code number or the ATM PIN allocated to each debit card holder.
Parag Rao, Head (Card Payment Products) of HDFC said that our system is ready and we have made changes to all our POS etc. to accept the PIN. In this regard, customers have also been informed through SMS, Mail.
SBI has also asked the customers in a notice under awareness campaign to not give ATM co-debit cards to anyone else.Upgrade access level in sbi.
A senior official of Canara Bank said that there is another layer of security for the PIN Debit Card. In case of credit card this mandatory international transaction (including internet) has been done.What is MPIN and How to generate a new Mpin.
In order to reduce the incidence of fraud through debit and credit card, the Reserve Bank issued guidelines in September 2011 regarding additional security measures.Read more advance tip like finance,insurance, health, laws visit advance tip home page.
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