Canara Bank becomes first Public Sector Bank to shift to EMV chip cards as per RBI Mandate

Canara Bank becomes first Public Sector Bank to shift to EMV chip cards as per RBI Mandate

• The Reserve Bank of India had mandated all banks to migrate the magnetic strip based ATM/Debit cards to EMV chip-and-PIN payment cards by December 31, 2018.

• In this direction, Canara Bank in association with ACI Worldwide has announced that Canara Bank has successfully rolled out major new functionality for this, to support EMV card across its ATM network. With this Canara Bank has become the first Public Sector bank to meet RBI’s EMV mandate.

• The technology developed by ACI and Canara Bank also speeds up the process of Aadhaar number linking, hence improving the KYC compliance at the bank’s branches.

Points to remember:

1. First Public Sector Bank to meet RBI’s EMV mandate?