MUMBAI: A few weeks after RBI governor Raghuram Rajanstressed on building credit histories of individuals based on theAadhaar number, one bank has introduced unique identity-based eKYC for opening loan and savings accounts.
Showing posts with label aadhar. Show all posts
Showing posts with label aadhar. Show all posts
Saturday, 28 September 2013
Thursday, 12 September 2013
ATMs, card terminals to scan UID biometrics
MUMBAI: All new credit card swipe machines and automated teller machines (ATMs) will be required to have a mechanism for Aadhaar authentication using biometrics. The Reserve Bank of India (RBI) is understood to be preparing such a directive to improve security and promote financial inclusion.
The central bank had been debating between the international 'chip and PIN' and Aadhaar-based authentication to provide additional security for card transactions. Although RBI appears to have reconciled to a combination of 'chip and PIN' authentication for existing customers and biometric checks for hitherto unbanked cardholders, the challenge is in the acceptance devices.
There are 1.2 lakh ATMs and 10.30 lakh credit card swipe (Point of Sales, or PoS) machines. Banks are expected to add around two lakh PoS machines and around 20,000 ATMs next year. All these machines will need to have facilities to scan biometrics. This will significantly increase investment costs. The other implication is that traditional phone lines may not work to send scanned fingerprint images for verification. Banks say that new machines will require the equivalent of 3G data speeds to transmit biometric data.
The central bank had been debating between the international 'chip and PIN' and Aadhaar-based authentication to provide additional security for card transactions. Although RBI appears to have reconciled to a combination of 'chip and PIN' authentication for existing customers and biometric checks for hitherto unbanked cardholders, the challenge is in the acceptance devices.
There are 1.2 lakh ATMs and 10.30 lakh credit card swipe (Point of Sales, or PoS) machines. Banks are expected to add around two lakh PoS machines and around 20,000 ATMs next year. All these machines will need to have facilities to scan biometrics. This will significantly increase investment costs. The other implication is that traditional phone lines may not work to send scanned fingerprint images for verification. Banks say that new machines will require the equivalent of 3G data speeds to transmit biometric data.
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