Several CEO/CXO/Founders from FIAKS Community participated in the discussions:
- Mr P N Vasudevan, Managing Director & CEO, Equitas Small Finance Bank
- Mr Sanjay Swamy, Managing Partner & Co-Founder, PRIME Venture Partners
- Ms Priti Shah, Co-founder & CEO, Payswiff Solutions
- Mr Sony A, Head – Digital, South Indian Bank
- Mr Abhay Kulkarni, General Manager Sales, Worldline Global
- Mr Ajay B Panicker, CEO & Founder, NetPay Limited
- Mr Kamonasish Aayush Mazumdar, Chief Marketing Officer, MeraEvents
- Mr Vikas R Panditrao, Advisor, Forum of Industry Academic Knowledge Sharing(FIAKS)
- Several other CEO/CXO Bankers & Fintech professional on FIAKS Forum
A community member poses a question regarding debit cards and asks the FIAKS community to contribute their thoughts on the following :
Question 1: Is there a plan for banks to replace all mag-stripe (non-chip) ATM cards by 31 December? The reason why the member asked this question was that his friend still has a magstripe card, and ICICI hasn’t sent him a new card yet.
Question 2 : Are all JanDhanYojna accounts with Chip Cards?
An expert responds that yes, all magstripe cards have to be replaced with EMV (chip) cards by Banks by 31 December 2018 as per RBI directions issued in September 2015. However, as most of the ATMs are yet to have chip readers, magstripe would still work for withdrawal of cash on ATMs. Banks are required to have chip readers on all ATMs also by 31 December 2018 although it may take longer. The consequences are “liability shift” on to either acquirer or issuer.
Register and read the entire discussions