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.
Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher. Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie
Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p
Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b
Should ration cards not linked to Aadhaar be rendered ineligible?
INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam. The anti-submarine warfare stealth corvet
Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy. SAIL’s integ