The Reserve Bank of India (RBI) has issued a
report calling for the country’s banks to make better use of
technology to boost their payments security and improve customer
service
The recommendations are part of a report by
RBI’s Committee on Customer Services in Banks. The report
calls for all Indian banks to switch over from the current magnetic
strip based cards to chip based EMV in order to increase
security.
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The RBI also recommends that all credit and
debit cards (including chip cards) should have a picture of the
card holder with laminated scanned signatures, including the
address.
Regarding ATMs, the report suggests a unique
ID for every ATM to aid identification of specific machines when
addressing disputed transactions. The report also recommends
biometric ATM cards for illiterate customers and senior citizens
who could find it difficult to memorise ATM-PIN.
“The recommendations have been drafted by highly eminent
personalities and so they would be in the interest of customers and
banking services,” M.Balakrishnan, chief operating officer of
NPCI, told CI
The report, available on the bank’s
website, is open to public feedback till August 27.
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