NEWS & ADVICE : SAVINGS ACCOUNTS
Banks against diktat of RBI regarding Aadhaar based point of sales and ATM's
By Vaibhav Aggarwal
Dec 13, 2013
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An alternate frustration expects the administration. Banks which are leading are set to contradict the diktat of Reserve Bank of India that Point of sales (Pos) and ATM machines ought to be custom-made to acknowledge Aadhaar which is one of the broadly pitched wanders pointed at changing people's lives and winning the votes.

A week ago, senior investors were huddled to record out the problem of the directives of the central bank, which they suppose is continuously hurried through without comprehension the suggestions for banks.

No sense as per banks

This can happen once an individual who has an Aadhaar card requests their bank to connect the bank account with the Aadhaar number which is 12 digits. According to banks this is simply the wastage of money, this measure is of no use.

The organization, unequivocally supported by the administration, has been demanding biometric validation for charge card and ATM transactions. RBI, under previous representative D Subbarao, set up a working assembly to investigate the achievability of Aadhaar-based installment confirmation


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