System will verify biometrics of the person to authenticate if he is the cardholder
Institute for Development and Research in Banking Technology
Hyderabad: Big events in the history have its origins in most humblest and unassuming incidents. Something similar happened in Hyderabad on Wednesday.If ever the Reserve Bank of India (RBI) makes biometric identification mandatory for card-based transactions in the country, the credit for this should go to Hyderabad obviously because of city-based banking technology institute IDRBT — and more specifically the entry recording system at IDRBT canteen.
“Today, I went to the (IDRBT’s) canteen. You have to swipe the card to enter the canteen and simultaneously the system verifies biometrics of the person (embedded in the card) to authenticate that he is the actual cardholder. If cards have biometric info, you could do transact ions relatively safely,” said Dr Raghuram Rajan, while delivering his keynote address during the tenth IDRBT Banking Technology Awards.
IDRBT or Institute for Development and Research in Banking Technology is a technology arm of the Reserve Bank of India.In 2013, RBI had already advised banks to adopt either EMV chip and PIN or Aadhaar’s biometric validation as additional factor for authentication.
However, experts were sceptical about using Aadhaar’s biometrics due to the doubts about authentication network capability to handle transaction volumes and network capability to handle enhanced transaction size.
According to 2011-12, India had recorded 29 crore card-based transactions worth Rs150,000 crore at Point of Sale. This averages to 7.9 lakh transactions a day. If the cardholder’s biometric data is embedded in the card itself, the scanner in POS could authenticate the person locally, without accessing remote network.
( Source : dc correspondent )
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