SBI has asked its customers to upgrade their existing debit cards to an EMV chip-and-PIN debit card.
State Bank of India or SBI, the country's largest lender, is making changes to some of its services. SBI will shut down its mobile wallet app, SBI Buddy, from November 30, 2018, according to the banking major's website -- sbi.co.in. SBI has also asked its internet banking customers to get their mobile numbers registered with the bank by the end of the month, and reduced the daily cash withdrawal limit on select debit cards. In its bid to promote safer card transactions, State Bank of India has also asked its customers to upgrade their existing debit cards to EMV (Europay, Mastercard and Visa) chip-and-PIN debit cards.
Here are some of the changes announced by SBI to its services:
SBI Buddy: SBI has said it will shut down its mobile wallet app, SBI Buddy, from November 30, 2018. Launched in August 2015, SBI Buddy enables customers to send money, view bank statements, recharge mobile phones and set-top boxes, book movie tickets and shop online, among other features.
Cash withdrawal:SBI has reduced the daily cash withdrawal limit applicable to some of its debit cards. SBI has set a new withdrawal limit for SBI Classic and Maestro debit cards customers. The new cap halves the daily cash withdrawals from ATMs using these cards to Rs. 20,000, as against Rs. 40,000 previously.
Internet banking service:SBI has asked its internet banking customers to register their mobile numbers with the bank by the end of the month. SBI internet banking customers, or customers who have subscribed to the bank's internet banking service, are required to register their mobile number with the lender by November 30. Failing to do so by the stipulated due date may lead to deactivation or blockage of the bank account, according to the SBI corporate website.
EMV chip debit card:SBI has asked its customers to upgrade their existing debit card to an EMV chip-and-PIN debit card, which offers enhanced security. The move is in line with a December 31 deadline set by the Reserve Bank of India for commercial banks to migrate from magnetic stripe-based cards to EMV chip-and-pin cards.