Banks issued 1.6 crore new debit cards during peak lockdown

Mumbai: Indian banks issued more than 16 million new debit cards during the peak months of the lockdown amid an increased demand by customers for contactless cards during the pandemic, dovetailing also the banking regulator's directive to replace the old magnetic stripe cards with the new contactless variant. Bankers and payment experts said this - mostly driven by new issuances by public sector banks - could also be on the back of increased