Safety net: debit card PINs surge
Bank customers in India are getting more aware to make their ATM transaction safe by changing their PIN(Personal Identification Number) frequently to ensure their hard earned money is safe.india Updated: Jul 15, 2012 20:58 IST
Bank customers in India are getting more aware to make their ATM transaction safe by changing their PIN(Personal Identification Number) frequently to ensure their hard earned money is safe.
According to the National Payments Corporation of India (NPCI) data, there is a surge of 50% in the number of customers changing their PIN in the last six months.
In January, around 98,000 bank customers changed their PIN that increased to 150,000 at the end of June 2012.
A PIN is a password that allows a customer to do transaction through his debit card at the ATM.
“It’s a positive sign for the banking industry because it shows that the customers are getting aware and they want to make sure that no body can misuse their debit card,” said Shyamal Saxena, general manager, retail banking products, consumer banking, India and South Asia, Standard Chartered Bank.
With increase in the branches of banks, debit cards in the country has been growing steadily. According to the Reserve Bank of India data, debit cards increased to 278 million in 2011-12 from 228 million in 2010-11.
“Another factor for rise in PIN change is issuance of new debit cards to the customers by banks,” said Saxena.
A debit card is valid for certain period and after the expiry of the card, banks issue new card to the customers having new PIN. There are close to 10 million ATMs in India helping bank customers to withdraw money anytime.
“Banks are also educating customers for safe banking through periodic communications,” said Ram Sangapure, general manager, Central Bank of India.