RBI card norms to increase costs for banks

.......“A chip-based card costs Rs. 50-70 while magnetic costs just costs Rs.10. There are only three-four global players making chip-based cards. With an overwhelming number of cards being debit cards in India issued by public sector banks, unless these banks start the shift, the costs will remain high,” Sanghi said. Bankers say that though costs will go up, it is a fair price to pay to make transactions more secure. “By restricting international usage of cards, RBI could be also giving a message to foreign entities that we have moved on to secure transactions whereas you have not, and unless you upgrade your online security with the latest available technology, we won’t be transacting at your sites,”...........

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