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Reserve Bank of India tells banks to dump magstripe credit, debit cards for EMV

The Reserve Bank of India is asking all banks in the country to stop using old credit and debit cards with magnetic stripes to make way for EMV encoded cards in a bid to reduce fraud, according to an India Today report.

The RBI has mandated the EMV cards starting Jan. 1 of this year, which means users of the old cards might have trouble using the magnetic stripe cards at shopping malls, ATMs and POS terminals, according to the report.