The largest lender of the country, State Bank of India has introduced increased security features in its credit cards. SBI Cards would now have an extra EMV chip security feature in its credit cards.
EMV refers to 'Euro Pay, MasterCard & Visa' which is an industry standard for offering security features on cards to customers across the globe.
Kadambi Narahari, CEO, SBI Cards, said, "The launch of the EMV chip based cards for over 85% of our new cards will help our customer with greater security features. We will move to EMV for 100% of all new customers and cards within a few weeks."
This feature helps in preventing the card from getting cloned. It is also in accordance with RBI guidelines for card security features.