CURRENT AFFAIRS

2021

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Which bank has decided to restrict its customers from withdrawing money from non-EMV automated teller machines?
A
Central Bank of India
B
Canara Bank
C
Bank of Baroda
D
Punjab National Bank
Explanation: 

Detailed explanation-1: -Punjab National Bank Founders: Lala Lajpat Rai, Dyal Singh Majithia.

Detailed explanation-2: -What are non-EMV ATMs. Non-EMV ATMs are those which reads data through magnetic strips and do not hold the ATM card during the transaction.

Detailed explanation-3: -EMV ATMs hold the card to read the information during the transaction. In contrast to this, Non-EMV automated teller machines or ATMs are the machines that detect and read the card information from the magstripe and do not hold the card at the time of transaction.

Detailed explanation-4: -An automated teller machine (ATM) is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.

Detailed explanation-5: -EMV stands for Europay, MasterCard® and Visa® and refers to the increased security of payment card transactions through the use of a chip embedded in credit, debit, and prepaid cards.

There is 1 question to complete.