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The Observer Thursday, January 31, 2019

RBI’s card directive leaves bank customers in the lurch

Many customers have still not got chip cards Pranay Prakash


umerous credit and debit card holders are at their wits’ end after the deadline to replace all existing magnetic strip-based debit and credit cards with PIN-based Europay-MasterCard-VISA (EMV) chip cards expired on December 31, 2018. The RBI had asked banks to deactivate all magnetic strip-based cards by December 31. Many card users are left with no active cards after the banks failed to provide them replacements. Kathriguppe resident Gokul Yadav informed The Observer that his mother’s ATMcum-debit card, issued by a nationalized bank, has been deactivated. “My mother’s card has not been replaced. We are facing problems with PoS and ATM transactions.” But some customers said they have received replacement cards, which store payment data on a chip located on the top-left

With banks failing to meet the deadline to issue their customers PINbased cards has led to embarassing situations | Credit: Soma Pal side of the card. Nishant NL, a resident of Vijayanagar, is not so lucky. “I will soon go to my bank to get my card replaced. I do not have a functioning card with me,” he said. The RBI turned down a request by banks to extend the deadline to issue replacement cards. Bhavendra Kumar, a deputy general manager at the Canara Bank headquarters, said: “In our bank, more than 80% cards have been replaced. We are sending SMSs and emails (to our customers). We have

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vine by Jennifer Major @ Grapevine , South Bengaluru , 1st February 8 pm l FML – Fries , Milkshake and Laughs by the Orange Octopus Records@ East Bengaluru, 1st Feb 8 : 30 pm l Mayavadi’s Nature Camping by Poobala Krishnan @ Nandi Hills , bengaluru,3rd Feb, 11 am l Prevention from Chronic Diseases - With Dr. B.S.Rao by Sap fresh @Indiaranagar , Bangalore, 3rd Feb , 5 pm l Pro Krida Bangalore Basketball League by Sportzify@ Active Arena, East Bengaluru, 23rd Feb 9 am l Chikmagalur Trek, Camping & Sightseeing by Gutsytribe @ Member Secy, Central Silk Board, 15th Feb 10pm l Coffee Painting Workshop by The Craftsutra @ VR Bengaluru , East Bengaluru, 10th Feb 12pm l Lalbagh GamiFYI’d by GamiFYI @ Lalbagh, Central Bengaluru, 2nd Feb 7 am l The Happiness Workshop by Gaur Gopal Das @ JW Marriott Hotel Bengaluru , Central Bengaluru, 3rd Feb 10 am

published ads in papers too. Whoever requires a card knows. I think everyone is aware of the change.” People who live in rural areas have also borne the brunt of the RBI order. Karthik NR, a resident of Nadavathi village in Hosakote taluk, said: “They sent me a card, but I did not receive it as I live in a rural area. It went back and I had to go to the bank. There, they asked me to fill out a new form. I got the card after 20 days and they deducted Rs 360 from my account for the

new card.” Disputing Canara Bank’s claim that it had sent notifications to its customers, Karthik said that they only received notifications about their cards being deactivated. “They didn’t send any message about ours cards being replaced.” A private-bank manager who requested he not be identified admitted: “Maybe about 40% cards have been replaced in our bank. In rural places, most of the cards have not yet been replaced.” The new cards generate dynamic data everytime they are used, unlike old cards which used to store authentication data in their magnetic strips, rendering these vulnerable to fraud at Point of Sale (PoS) and ATM terminals. The 2015 RBI directive has seen banks struggle to replace existing cards. Customers have encountered problems like lack of application forms for new cards. Some say there was no intimation regarding the imminent replacement of cards. Some customers have complained they can’t complete transactions at fuel stations and ATM kiosks. pranay.p@iijnm.org

Bengaluru company Boxnbiz aims to attain global stature

Ileena Dutta


engaluru-based freight forwarder Boxnbiz has been selected to undergo a three-month training programme in Singapore. It is one of 20 shipping/logistics start-ups in Asia to be selected for the programme, where companies will be taught strategies to infiltrate foreign markets. “One basic strategy required to scale up is to partner with freight agents, custom brokers and carriers to bring (them) on the same platform… to create a massive network effect. We are planning to push sales by executing orders with preferred partners to make everyone’s life simpler,” Biplob Barik, founder and CEO of Boxnbiz, informed The Observer. “Our sales revenue has crossed Rs 2 crore, and we are encouraging more young entrepreneurs to come up with shipping startups. This programme will help us seek opportunities to get more investors to scale up their companies,” Barik added. The freight forwarding business is expanding the world over. Start-ups in the field are posing competition to established players.“ Connecting with global corporate partners for pilot projects, business partnerships or collaborations will be an added advantage for Boxnbiz,” said Kaushik S, a business develop-

City Speaks l Rajdeep Sardesai @sardesairajdeep BJP poised for big and crucial win in Jind Haryana: @mlkhattar could now push for simultaneous polls in May; in Rajasthan, Cong wins Ramgarh.. gets boost in a state BJP swept in LS 2014... picture abhi baaki hai! #JindBypoll l Dr. G Parameshwara @Dr Parameshwara JDS members Lalita Ravish, who was elected Mayor of Tumkur, and Congratulations to Congress member Rupasree as Deputy Mayor.Believe me that you are working hard for the development of Tumkur l BJP Karnataka@BJP4Karnataka Hey @RahulGandhi how about you Congratulating #Chowkidar for catching hold of corrupt dealers from your Govt.We didn’t see you tweet on #DisruptionOfCorruption & Modi govt bringing back some of your pets who went hiding. Aren’t you happy seeing them ? l HM Jyothish @hmjyothish14 Inspire, ethics,supports, decisions, vision, Team, leadership, management and responsibility....#oneamo ungusforus @ArshadRizwan Ji For #NammaBengaluru #2019OpinionPoll l An Eternal Optimist @ aanand77 This is the ordeal #Bengaluru commuters brave thru’ everyday. It takes ~40min to cover ~4km btw Marathahalli & Bellandur!!And worse,no one seems to be bothered about the plight of IT professionals.Hon’ble @CMofKarnataka Sir, sudn’t this problem be dealt with highest priority? l Rasheed Kappan@kappansky If Yeddy manages to rope in Shanthinagar MLA, will that be.Operation Kamala Harris? #Karnataka #Bengaluru

Technology has enabled the acquisition of shipping requirements easily. Boxnbiz wants to capitalize on this global change | Courtesy: Pexels ment manager at the company. Technology has made it possible to acquire shipping requirements, and that is changing connections globally. “We are SAAS (software as a service)-enabled. Our product automates repeated work and structures data to provide better and useful results. Apart from automation, our tool can be integrated with any kind of business operations software and deliver best results for our users,” Ricky Goyal, co-founder of the company, said. In India, e-commerce logistics start-ups, like Flipkart, Snapdeal and Locus, have gained ground in recent years. ileena.d@iijnm.org

l dpka101 @dpka102 #Bengaluru’s 75-year-old Selvamma goes high-tech using a #solar-powered fan to grill corn on the roadside near Vidhana Soudha. The #equipment can run #LED light and power regulated fan.


Mainly clear sky later Minimum Temperature: 16 degree Celsius Maximum Temperature: 29 degree Celsius Relative humidity: 28%

OBSERVER TEAM Editor- Ileena Dutta Page Layout: R Yohanjali, Pranay Prakash, Oisika Dev, Abbinaya Kuzhanthaivel Desk: Oisika Dev, Ileena Dutta, Sahana S, Shrabona Ghosh Reporters: Pranay Prakash, Sahana S, Shrabona Ghosh, Oisika Dev,Ileena Dutta, Abbinaya Kuzhanthaivel, R Yohanjali

Profile for IIJNM Bangalore

Volume 18 Issue 18  

Volume 18 Issue 18  


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