October 20, 2016 9:06 PM

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99.5 % debit cards issued by different banks are completely safe: Finance Ministry

Finance Ministry today said 99.5 percent debit cards issued by different banks are completely safe and there is no need to panic. It said, the blocked card constitutes a small number.<br/><br/>Talking to news agency Additional Secretary in the Department of Financial Services G C Murmu said, only about 0.5 per cent of total cards were compromised while remaining 99.5 cards are completely safe. <br/><br/>The statement came in the wake of reports that more than 32 lakh debit cards have been blocked or recalled by banks to prevent them from falling prey to any financial fraud after a major security breach at a payment services provider. Sources said, the Ministry is collecting information on the breach of security.<br/><br/>There are around 60 crore debit cards operational in the country, of which 19 crore are indigenously developed RuPay cards while the rest are Visa and Master Card enabled.

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