Axis Bank — Not providing Credit Card with chip and pin security

Address:

Pune, Maharashtra

Hi, I hold an Axis Bank credit card from last six month. They've provided an insecure card which has no security chip and it does not prompt any security pin number before authorising any amount when used at POS or merchants outlet. I've contacted Axis Bank in this regard multiple times (telephonic as well as email) but they only say they cannot provide a card with security, They replace my card three times in this period with the same one which I had earlier (without chip & pin security) and every time they charge me unnecessarily. I just wanted to draw your attention towards the RBI guidelines: As per RBI guidelines, with effective from 01.07.2013, all transactions at Point-of-Sales (POS) and merchant outlets will need to be validated using a PIN. Now how can a bank deny this. I want answer from Axis Bank. Now its height of tolerance.