RBI extends deadline for card security measures implementation
Mumbai: The Reserve Bank Monday extended deadline for introduction of additional security features for payment through debit and credit cards as the banks and the related entities have yet to put in place requisite infrastructure.
With a view to providing uninterrupted services to the customers, it has been decided to grant an extension of time, RBI said in a notification.
The new deadline for banks to comply with all the security features, like EVM chip on cards, realtime fraud monitoring system, use of PIN, limit on transactions etc, is November 30, it said.
The deadline has been extended following representations from stakeholders.
The RBI further said "in the event of a customer complaining of misuse of the card after the date stipulated (deadline)...The issuer or the acquirer who has not adhered to the time lines should bear the loss".
The RBI had in September 2011 issued the guidelines for additional security features with a view to guard cardholders against cyber frauds and other misuse.
Increased usage of credit and debit cards has lead to rise in frauds, especially in the case of lost or stolen cards. Also, there have been reports of data on cards being compromised and cards skimmed/counterfeited.