If your account is also in Punjab National Bank (PNB), then it is very important to read this news. Under this change, Punjab National Bank (PNB) account holders cannot withdraw money from their ATMs, which can be withdrawn immediately after placing the card. Information in this regard has been released on the official site of PNB. Also a tweet by the bank management in this regard.
No transaction without EMV
PNB has taken this decision in view of increasing cases of fraud. The bank has taken this step with the objective of keeping customers’ money safe. From February 1, customers will not be able to transact from ATMs without EMVs. Customers of the bank can also turn on / off the debit card through the PNBOne app.
EMV is a payment gateway.
EMV is a payment gateway. This means Euro-Pay, MasterCard and Visa (Europay, MasterCard, Visa). Payments are made through EMVs from credit, debit cards worldwide.
This is the difference between EMV and Non EMV ATM
Non-EMV ATMs do not hold debit cards until the transaction occurs. After the card is read in these ATMs, it can be withdrawn even before the transaction. On the other hand, at the EMV ATM, the card locks for a moment. In these ATMs, users’ data is read through a magnetic strip.
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Punjab National Bank divisional head Rajiv Jain said that PNB account holders will not be able to transact from non-EMV machines from February 1, but there will be no problem in transactions with EMV ATMs. All the ATMs of Punjab National Bank are equipped with this facility. Keeping in mind the security, PNB has made this rule mandatory from February 1.
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