State Bank of India (SBI), country’s largest public sector lender, will issue EMV chip and pin based debit cards to its new customers to ensure enhanced secure transactions. EMV chip and pin feature protects against skimming and card transaction frauds.
With this, SBI has become the first large bank to issue 100% EMV cards compliant with RBI's directive on Security and Risk Mitigation Measures for Card Present and Electronic Payment Transactions.
The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.
