Important information for Punjab National Bank (PNB) customers. PNB has taken important steps to protect customers from fraud through ATMs. The bank has said that PNB customers will not be able to transact from non-EMV ATMs from next month i.e. from 1 February 2021. This restriction will apply to both financial and non-financial transactions. That is, Punjab National Bank customers will not be able to withdraw cash or go to non-EMV ATMs and do non-financial transactions like balance checks.
PNB has tweeted that the bank is taking this step to protect its customers from fraud through ATM such as card cloning. Following the RBI directive, all banks in the country have already banned transactions from only Magstriped debit cards. They are replaced by cards with EMV chips, which are more secure.
What are non-EMV ATMs
Non-EMV ATMs are machines that do not hold the debit card until the transaction is completed. After putting the card in these machines, the transaction can be withdrawn before it is completed. These machines read data from the debit card magstripe. At the same time, data in EMV ATM is read by a chip on the debit card. After inserting the card in such machines, it cannot be withdrawn until the transaction is completed.