Banks scramble over RBI's EMV cards-only regime

Magnetic stripe cards to linger for years Even as banks gear up to start issuing EMV (Europay, MasterCard, and Visa) chip and pin-based cards from September 1, they say it will take a few years for all ATM machines to become compatible with the new cards. Jairam Sridharan, head (retail lending and payments), Axis Bank, said, “There are about 350 million magnetic stripe cards currently in circulation in the country. For...