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.
Post-demonetisation, cash did the Houdini vanishing trick at ATMs. With currency notes playing hide and seek, life was sheer misery. Things improved a bit, but the situation is back to square one. The ATMs are running dry, yet again. Rajiv Bajaj, scion of the family that makes hugely popular
Tribals in the land of the legendary Birsa Munda in Jharkhand are fighting against the amendments of the Chotanagpur Tenancy Act (CNTA) and Santhal Pargana Tenancy Act (SPTA). These were hastily changed by the BJP government – first by an ordinance in June, and then, amendments i
Recommendations by the National Human Rights Commission (NHRC) cannot be set aside with impunity merely on the ground that it is a recommendatory body,” said justice Dalveer Bhandari, member, international court of justice. Addressing the meet
The Panchpatmali bauxite mines of national aluminum company limited (NALCO) has been conferred with a 5-star rating by the ministry of mines. The 5-star rating award, along with a certificate of excellence was handed over to Tapan Kumar Chand, CMD,
It is a fact that some of the opencast projects (OCP) of Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India Limited, are not being utilised up to their full capacity despite having good potential for coal production, the Lok Sabha was informed. Union minister Piyush Goyal said tha
In Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), the average persondays generated at the national level is 39 days per rural household in the financial year (FY) 2016-17 (as on February 1, 2017). During the same period, 21 states have reported average persondays per household lower t