RBI halted its decision of Aadhar linked payment system
By Ankit Sharma
May 22, 2014
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It has been reported that since the banks have pleaded against the Aadhar linked system the Reserve bank of India has deferred its decision. From previous one year banks are appealing to RBI regarding problems involved in Aadhar based payment systems. The system to let the users use fingerprints before making transactions through the ATM or swiping the credit cards, is quite expensive. The systems would be risky as well and will serve only a handful of customers.

As per the rule person with an Aadhaar card asks the bank to link the 12-digit Aadhaar number with his/her bank account, it would enable the person to withdraw funds from ATMs. Last year in November RBI has instructed to make all the ATMs and POS terminal Aadhar linked, bank were not in favor of the move, but their views were ignored.

However, recently RBI reported that due to some technical difficulties faced in the proposed system, the implementation of the Aadhar linked system will be delayed. It has been also reported that Biometric transaction will need high speed connection, response time and rejects may be higher and transaction could take longer. There are not sufficient manufacture to provide the ATMs and POS accepting EVM pin and chip, as well as installed with biometric reader for accepting Aadhaar-based transaction.

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