New Delhi: The Reserve Bank of India mandated all banks to move to EMV chip-based cards to prevent card frauds and enhance security, earlier this year. All most all private and public sector lenders have adopted the new technology. ATM machines across the country are also being upgraded with a new system that locks the card in place until the transaction is complete.
With the new technology in place, banks have also been asking the customers to upgrade their debit or credit cards to the new ones. They are also warning the cardholders to use their cards properly while withdrawing money or using ATM machine as incorrect usage can end up with their cards being damaged.
One of the largest private lenders, ICICI bank has been warning its customers against improper usage of cards. Since the new technology ensures that the card is locked in the card slot till the transaction is complete, a lot of people do not understand this and pull their card out forcefully which damages the chips on their cards.
Several customers have even reported that they lost their cards in the ATM machine slot because they forgot to pull it out after the transaction was complete despite the machine warning them to do so. The bank recently issued some warning to customers to avoid such issues.
Here's what you should and shouldn't do when withdrawing cash from the ATM machine:
1. Since the new ATM machines latch on to the debit cards for verifying your transaction, do not pull it out forcefully.
2. Once the transaction is over, the ATM machine will release the card itself.
3. Withdraw the card only when the card slot blinks green. This is the indicator that notifies the customer to collect the card.
4. If the LED on the card slot is not working. Wait for the ATM screen to display the message. Once the ATM asks you to collect the card, withdraw it from the slot.
5. In case you forget to collect your card, do not try to get it back by messing with the machine. Inform the bank and get your card blocked instantly. You can even log on to ICICI net banking portal and block the card to prevent any misuse.