China chip ban: Indian banks are grappling with the crisis regarding the availability of ATM cards
The chip in the bank ATM card has stopped coming from China. Due to which the problem of availability of ATM card in banks arose. Banks have been battling with the shortage of ATM cards for a few months now. Here the account holders are making rounds of the bank for the ATM card. Account holders have to wait for two to six months for ATM card. In view of this problem, some banks are offering ATM without chip to the customers. Cash withdrawal from banks has increased due to non-availability of ATMs. Along with this, the graph of online services has also increased rapidly. However, non-availability of ATM cards has become a big problem for those who do not use online services.
A silicon chip is embedded in the ATM card. In this chip, complete information related to the account of the account holder is uploaded. When the card is used in the ATM machine, the machine reads the data of the chip on the card and matches it when the password related to that account is entered. When the password matches, the machine pays the amount entered by the customer into the machine. According to RBI, this chip card is considered to be technically the most secure.
It will have a microprocessor chip. With this chip installed, it is not possible to clone your card. Debit cards based on this technology have been made to prevent ATM fraud. Many fraudsters used to steal the card data of customers by installing scanners in ATM machines and stole money from their accounts. However it will no longer be possible to do so.
Those ATM cards which have chip in them are facing problems. Cards with no chip don’t have this kind of problem. UCO Bank Region Manager Harish Tanwar says that in his bank cards without chip are made available to the customer. which does not bear the name of the customer. Therefore, it is made available along with opening the account. The stock of such cards is also in large quantity with the bank, so there is no shortage of ATM here.
This problem is coming in cards with chip.
You may have to wait 4 to 6 months for Central Bank of India ATMs. Similarly, in Bank of Baroda for one and a half to two months, in Union Bank of India too, there is a problem in most of the banks including Bank of India, Canara Bank, Indian Overseas Bank for a long time. In the absence of chip cards in PNB Bank, they are providing cards without chip. Which has a magnetic stripe attached to it. PLC/GT
