The Reserve Bank of India today placed on its website the Report of the Working Group on Securing Card Present Transaction. Comments of the Report may please be emailed or forwarded by June 30, 2011 to the Chief General Manager, Department of Payment and Settlement System, Reserve Bank of India, Central Office, Mumbai-400001.

Card Present Transactions (at PoS and ATMs) constitute major proportion of card based transactions in the country. Currently, transactions using cards at PoS do not require additional authentication in majority of cards. Further most of the cards used in India, presently used magnetic stripe technology. Taking into account vulnerabilities involved, and to increase customer confidence many countries led by European Union have moved to Chip and Pin technology.

The Reserve Bank of India constituted a Working Group consisting of banks and card companies in March 2011 to look into all the related issues implementing the security of card transactions in India and suggesting a road map for migration. The Working Group submitted its report on June 2, 2011.

Alpana Killawala
Chief General Manager

Press Release : 2010-2011/1760