New Delhi: If you have an old card with a magnetic strip, then you can change it immediately, as it will stop working after 31 December 2019. Actually, all the magnetic stripe credit cards and debit cards are going to be closed from the new year. A card with a magnetic strip carries the risk of your bank data being stolen. These will be replaced by cards with chips.

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In fact, the RBI had ordered all banks in 2016 to replace ordinary magnetic stripe cards of customers with chip cards. This step has been taken to protect customers' debit and credit card information. According to the RBI, the magnetic stripe card is now outdated technology. Making of such cards has also stopped. Actually, these cards were not completely secure. That is why they were closed. EMV chip cards have been made in their place.

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All old cards will be replaced with new chip cards. According to data from the Central Bank, there are 44.2 million active credit cards and 958.2 million active debit cards in the country. If you are a customer of State Bank of India (SBI) then it is necessary for you to change your card soon, because, SBI is blocking the magnetic stripe ATM. The bank has already issued notification regarding this. Banks are not levying any separate charge for cards with chips.

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