New Technology Requires New Cards
Banks are sending messages to every account holder asking them to upgrade their debit and credit cards. You too must have got one such message. But there are chances that you might have ignored the message taking it for a spam. Check the message once again, it is not a spam. This one is a useful message from the bank you have deposited your money with. Now, you need to replace your existing debit and credit cards with new ones, if you have not already done.
But why do you need to take such a pain and replace the debit and credit cards? Legally speaking, the Reserve Bank of India (RBI) has directed the banks to do so. The older debit and credit cards will become useless after December 31.
Banks have to follow the directions of the RBI. This directive from the RBI was necessitated in order protect you from some unscrupulous online predator. Your money must be secured with the banks. It is their responsibility. Debit and credit card piracy has been a major issue, as has been found in online banking fraud cases. The new chip-based cards have been prescribed to keep your money and transaction safe.
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