Banks may need more time to comply with the Reserve Bank of India's (RBI) mandate of replacing all debit and credit cards that have been used for international transactions. The deadline expires on June 30, 2013 and according to bankers more than 50% of the cards used overseas are yet to be replaced. Deutsche Bank estimates out of 320 million debit cards in the country around 5 million cards have been used for international transactions. However, banks have replaced only 2 million cards so far.
"Some banks may find it difficult to meet the deadline. The task involved is enormous, banks have to develop new platform, test it thoroughly, create new chip-based cards and segregate cards that have been used overseas. In some banks this process has just started and it will be difficult for them to meet the deadline," Rajiv Rai, chief operating officer for private and business clients at Deutsche Bank in India, said.
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