As a step further towards protecting customers from theft of data or money, the Reserve Bank of India (RBI) has asked all banks and white-label ATM operators to ensure that all their automated teller machines (ATMs) in the country should be able to process EMV chip and PIN transactions by September 30, 2017.Unlike the magnetic stripe technology, the EMV chip and PIN technology enables dynamic authentication and thereby mitigates the risk of data theft, since card thieves can easily duplicate cards with a magnetic stripe using simple card reading devices.

Source - http://www.financialexpress.com