New Delhi : Punjab National Bank (PNB) Maestro debit cards holders will face a card blockage if they fail to replace it with a more secure EMV chip based card by the end of this month. The bank will not charge anything for the replacement and it will be provided free of cost.
The replacement is as per RBI advisory issued in 2015, asking all the banks to migrate to a much secured EMV chip based cards. The bank has identified that there are about one lakh customers with the old Maestro debit cards and has started sending them SMS as well, an official of the bank said. Presently, PNBs card base stands at around 5.65 crore.
As per RBI advisory, existing magnetic stripe only cards need to be replaced with EMV chip and pin based cards by Dec.31,2018, irrespective of the validity period of the cards. And from January 31 onwards banks are directed to issue only EMV based debit and credit cards.