Canara Bank becomes the first public sector bank in India to meet RBI’s EMV mandate

Canara Bank

ACI Worldwide, a global provider of realtime electronic payment and banking solutions, announced that Canara Bank has successfully rolled out major new functionality to support EMV card acquiring across its ATM network and Aadhaar Authentication, leveraging ACI’s UP Retail Payments solution to achieve market firsts.

Canara Bank, one of India’s largest public sector banks with nearly 6,300 branches and a network of more than 10,000 ATMs, is the first public sector bank to shift to EMV chip and PIN for card present transactions across the country’s vast ATM network. The EMV shift, as in other major global markets, is aimed at reducing lost and stolen card fraud and making counterfeit card fraud more difficult.

The Reserve Bank of India (RBI) had set a deadline of December 31, 2018 for the switch, mandating use of an embedded chip to replace the traditional magnetic stripe card.

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