Action likely on failure to meet PIN deadline

Latest progress: (from left) Association of Banks in Malaysia executive director Chua Mei Lin, Tan and Malayan Banking Bhd executive vice-president, head of cards group, community financial services, B. Ravintharan, at the briefing on migration to PIN-based payment cards.

KUALA LUMPUR: Bank Negara may take action on financial institutions should they fail to meet the central bank’s year-end deadline to complete the migration from signature to chip and personal identification number (PIN)-enabled payment cards.

Bank Negara payment systems policy department director Tan Nyat Chuan said although the situation had not occurred where banks were not making sufficent efforts for the migration, it reserved the right to deal with those who caused blunder in its efforts to reform the card payment industry.