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RBI/2016-17/63
DPSS.CO.PD No.812/02.14.003/2016-17
September
15, 2016
All Scheduled Commercial Banks
including RRBs/
Co-operative Banks / State Co-operative Banks/
Central Co-operative Banks/ Authorised Card Payment Networks
Dear Madam / Sir,
Security and Risk Mitigation
Measures for Card Present and Electronic Payment Transactions – Issuance of
EMV Chip and PIN Cards
A reference is invited to our circular DPSS (CO) PD No.2112/02.14.003/2014-15 dated
May 07, 2015 and DPSS.CO.PD.No.448/02.14.003/2015-16
dated August 27, 2015 on the captioned subject wherein
directions were issued with timelines for migration to EMV Chip & PIN
cards.
2. Despite the extension of time
given to banks in this regard, some banks have approached us seeking
further extension of the time line for complying with the above
instructions.
3. Keeping in the mind the
objective to further enhance the security and risk mitigation in card
present transactions, and also the impact it may have on achieving the
timeline for complete migration of all existing magstripe cards, it has
been decided not to grant any further extension beyond the
respective timeline indicated in circular dated August 27, 2015 for new
issuances and full migration to EMV Chip and PIN cards.
4. The directive is issued under
Section 10(2) read with Section 18 of Payment and Settlement Systems Act
2007 (ACT 51 of 2007).
5. Please acknowledge receipt.
Yours faithfully,
(Nanda S. Dave)
Chief General Manager
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