“Customers, it’s time to make a shift. As per the RBI guidelines, you are required to change your Magstripe Debit Cards to EMV Chip Debit Cards by the end of 2018,” the SBI said in a tweet.
EMV chip technology, the latest global standard for debit card payments, features debit cards with embedded microprocessor chip that store and protect cardholder data. This is a much secure technology as compared to magstripe variants of debit cards. EMV chip card protects against counterfeit (skimming) card fraud.