Bank ATM, Credit Card Alert! Starting from January 1, 2019, many things may well have changed. RBI has given an order that banks must obey and this deals with bank ATM credit cards with magnetic strip that bank account holders have. From changes in GST rates on many goods to the new Reserve Bank of India regulation related to EMV Chip credit cards, the new norms have come into effect starting January 1, 2019. The RBI had said in a notification that banks must ensure all new cards issued are EMV Chip cards and it must replace the existing old credit cards with the new chip credit cards. The move is aimed at security and risks linked to the plastic money.

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Following the RBI order, the banks have been issuing EMV chip cards in place of Magstripe Card. The banks have blocked all the old cards which are Magstripe Cards. Therefore, if you also have a credit card which is not an EMV cards, don't be surprised if it stops working.

"A reference is invited to our circular DPSS (CO) PD No.2112/02.14.003/2014-15 dated May 07, 2015 on the captioned subject wherein directives were issued that with effect from September 01, 2015 all new cards issued – debit and credit, domestic and international – by banks shall be EMV Chip and Pin based cards.....As regards migration of existing magnetic stripe only cards to EMV Chip and Pin cards, banks may initiate necessary steps to progressively migrate on their own accord so as to ensure that all active cards issued by them are EMV Chip and Pin based by December 31, 2018. The issuing banks may please note that the magnetic stripe cards issued would have to be replaced by December 31, 2018 irrespective of the validity period of the card and accordingly banks may have to take proactive steps to ensure that the deadlines are adhered to without fail," the RBI had said.

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Here's a quick guide for you about the new cards and what you should do now:

1. If there is no chip located on your card, be assured that your card is Magstripe Credit Card and is likely to be blocked as per RBI order.

2. If you haven't received a replacement credit card from your bank, you need to contact them as soon as possible.

3. Inform your bank that you are yet to get the new EMV card and also verify your address with the bank. In case of change, get your current address updated in the bank's record.

4. Once your request is placed, the bank may send the new EMV Chip Credit card to your address. But, credit card holders should know that they may have to go to the bank branch to deal with all requirements and get the credit card.

5. Some banks are actually sending the new credit cards to their bank account holders as replacement for their old one. If you have not received the card due to unavailability at the given address, the card may have been returned to your home branch. You can contact the branch in this case.