Reserve Bank of India(RBI) order

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Due to the recent theft of the money from the banks, The Reserve Bank today asked banks to issue only chip-based and  PIN enabled debit and credit cards from September 2016, a move aimed at protecting customers from frauds.

Some banks have moved to EMV chip and pin cards issuance, but a large number of banks continue to issue magnetic stripe cards. 

Magnetic Tape cards:
  Discovered in 1969 by Forrest Parry, from the basis of the magnetic tape recorders used in World War 2.
 The magnetic strip in holds all your account details.
 It can be easily hacked by the skimmers.



EMV Cards:
  These cards have their own integrated circuit and has the own security password and also an sim card like chip embedded in it.

  Hence these can't be easily hacked.

So people please convert to EMV cards and pin enabled credit and debit cards.

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