[Article published on: Dec 1st, 2013] It will be applicable from today to enter the PIN number while using Debit Card anytime. Yes guys, for any Debit Card transaction, you’ll need to, press your PIN number.
Indian Reserve Bank took this step forward to minimize the gyp with Debit Cards. So, in my view, it is one of the most essential and momentous changes for Debit Card users.
Indian Reserve Bank decided to apply this new rule from 1st December 2013. Reserve Bank was applying this rule from June 2013, but due to some reason the Indian Reserve Bank extended the deadline to apply this rule for punching in the PIN till November 30, 2013. So, the has came to make this awesome rule applicable.
HDFC chief said that ” Our system is ready for this new rule and for accepting the PIN, we made changes in our all the PoS (Point of Sales), Merchant Outlets etc. We also informed the customers through SMS and Mails”.
MUST READ: Main Difference Between Debit & Credit Card
SBI also told to it’s customers for awareness that never hand over your Debit Card to some one else. It is also suggested to customers that never keep any physical copy of your PIN number because if the PIN is leaked, other person can snatch the card from you and use it anywhere.
Senior Officer of Canara Bank also explained his thoughts about it that PIN is the another layer of security for Debit Cards.
As for the Credit Cards, the use of PIN has been made mandatory for international transactions including the Internet. So, now it’s time give protection to the Debit Card users.
In case of the increasing cyber frauds and misuse of Debit Cards and Credit Cards, the Reserve Bank issued the guidelines about the additional security plan in September 2011.
Thats a bit time taking process, but it has got more security. Now Shopping with your debit card may now require ATM pin for validation – saverable