RBI made Aadhaar link mandatory for PoS, Card transaction Analysis

RBI made Aadhaar authentication mandatory at merchant locations Point of Sale (PoS) Wednesday, 27th November 2013 

Reserve Bank of India released a circular for merchant locations to follow Aadhaar authentication at PoS. Now banks need to make sure biometric authentication and Aadhaar link for opening new bank accounts.

Reserve Bank of India decision about Aadhaar link at merchant locations will affect card transactions from customers. According to RBI, all new card must need to be enabled for embedded EMV chip and mandatory PIN besides Aadhaar validation at point of sale (PoS) terminals.

As per planning commission of India Aadhaar link is used to identify subsidy payments to beneficiary. RBI has issued guidelines to Banks to issue chip based card to prevent frauds.

According to RBI, banks in India need to develop infrasturcture to link bank account with Aadhaar linked biometric mechanism to link personal account to grand database by 30th November 2013.

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