Question: Which of the following nationalized banks has decided to block/ hotlistit’s Maestro Debit Card from July 31st, 2017 for security reasons?
(a) Allahabad Bank
(b) Canara Bank
(c) Punjab and Sind Bank
(d) Punjab National Bank
Answer- (d)
Related facts:
- In a communication to its customers, Punjab National Bank decided to block or hotlist its ‘Maestro Debit Card’ from July 31, 2017.
- The bank will replace these cards with more secure EMV chip based cards free of cost.
- The replacement is in accordance with the RBI advisory issued in 2015.
- As per RBI advisory, existing magnetic stripe only cards need to be replaced with EMV chip and pin based cards by December 31, 2018
- Bank has identified that there are about one lakh customers with old Maestro debit cards.
- Presently, PNB’s card base stands at around 5.65 crore.
- It is notable that banks are also directed to issue only EMV based debit and credit cards from January 31, 2016 onwards.
Reference:
http://www.businesstoday.in/sectors/banks/punjab-national-bank-block-all-maestro-debit-cards/story/255656.html
https://www.pnbindia.in/downloadprocess.aspx?fid=N9RMleS3mdDOr3F/prULxw==
http://www.thehindu.com/business/Industry/pnb-to-block-all-maestro-debit-cards-from-july-31/article19198080.ece