MUMBAI, Dec. 3 -- The plastic cards sitting in your wallet got some limelight this year. As on September 30, 2018, there are 990 million debit cards and 42 million credit cards in the country compared with 847 million debit cards and 36 million credit cards in the beginning of the year, according to the Reserve Bank of India (RBI). With increasing number of transactions, the regulator and bankers are looking to provide security and convenience for your wallet.
Here is a look at what changed for your credit card and debit cards:
EMV-CHIP MANDATORY FOR CARDS
If your credit card and debit card is still without EMV-chip, it will have to be upgraded by the end of this year.
The RBI has asked all banks to replace magnetic-stripe-only cards wi...