RBI puts on hold biometric authorisation for ATMs and credit cards

GN Bureau | May 7, 2014



With banks facing problems in making credit card swipe machines and ATMs capable of biometric authentication, the Reserve Bank of India (RBI) has, for the time, suspended implementation of the mandate on all future banking transaction machines.

Banks and credit card-issuing companies shall be able to add on to their PoS network unhindered in the wake of RBI’s latest decision.

The affected financial firms had been complaining about the non-availability of ample number of suppliers for the biometric machines. Also, fingerprint authorization they raised before the RBI would take much more time than earlier.

Usually, according to tests on biometric authorization of ATMs and credit card swipe machines, fingerprints verification took about 15 seconds more on a 3G internet connection than what it took during normal verification. RBI has been working on strong incentives for companies that will make biometric authentication successful.

Meanwhile, pilot tests are being carried out by RBI for cash out of prepaid cards.

In the past, apprehensions have been raised that massive projects like these, where the bank accounts will have to be linked with Aadhar, will involve huge costs that ultimately could be passed to the customers/bank depositors.

Comments

 

Other News

Railways suffered over Rs 33,000 crore loss on passenger service: CAG

  The Railways was unable to meet its operational cost of passenger and other coaching services. During 2014-15, there was a loss of Rs 33,821.70 crore on passenger and other coaching services. The freight services earned a profit of Rs 38,312.59 crore which indicated that 88.28 percent

“Return land to tribals after mining is over”

Seasoned BJP parliamentarian Nand Kumar Sai, who took charge as the chairperson of the National Commission for Scheduled Tribes (NCST) on February 28, has his work cut out for him. Archana Mishra caught up with Sai, 71, on his first day in office where he

Should there be automatic termination as member of parliament if that person takes oath as minister/chief minister in a state?

Should there be automatic termination as member of parliament if that person takes oath as minister/chief minister in a state?

Ganga, Modi and people’s unwavering faith

When the truth was a few steps away from Modi’s gaze In November 2014, prime minister Narendra Modi made his first visit to his constituency Varanasi and launched a massive cleanliness drive at Asi ghat, which was covered in mud and silt. When locals sa

Schooling improved in India, shows HDI

India has slipped one spot in the Human Development Index 2016. India’s HDI value for 2015 is 0.624 — which put the country in the medium human development category - positioning it at 131 out of 188 countries and territories.   Between 1990 and 2015,

IIFCL gives Rs 3.5 crore for cancer treatment

An appeal was made to PSUs to contribute funds under their CSR Scheme towards Health Minister’s Cancer Patient Fund-CSR for treatment of poor cancer patients.    India Infrastructure Finance Company Limited (IIFCL) contributed an amount of Rs 7.5 crore in 2015-16.

Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter