-The Economic Times NEW DELHI: The government's earnestness to change the lives of millions untouched by high-street banks is being tested with a proposal from its own department of posts. Armed with an amazing network of offices, the department has sought Rs 1,900 crore from the Centre to launch a bank that would connect with the aam aadmi in Indian villages and far-flung areas where few institutional lenders have a presence. Financial...
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Use Aadhaar and EMV both for retail payments
-The Economic Times An RBI-appointed panel of bankers will decide on the appropriate technology for retail payments in a month. And the choice is reportedly between Aadhaar, the biometric-based unique identity system, and EMV, a globally accepted technology standard for credit card, debit card and ATM transactions, used by Visa and MasterCard. This is baffling. Why should it be one technology standard or the other? Both Aadhaar and EMV should co-exist...
More »Aadhaar triple booster-Sobhana K
-The Telegraph The Unique Identification Authority of India (UIDAI) today unveiled three services that will help people authenticate their identity anytime, anywhere by just using their Aadhaar number instead of the card. The iris-based authentication, OTP (one-time password) and e-KYC (Know Your Customer) services will ensure Aadhaar cardholders don't have to carry address or identity proofs to get a phone or cooking gas connection. Service providers like banks or telecom firms merely...
More »It is only KYC norm violation, says RBI
-The Hindu Mumbai: Reserve Bank of India (RBI) Deputy Governor K.C. Chakrabarty, on Monday, refuted money laundering charges levelled against various banks, and said that all exposures by Cobrapost.com were connected to know-your-customer (KYC) norms. "We are seeing how the banks are following up on the KYC norms. There are certain differences in the manner of reporting of KYC norms in each bank...Need to strengthen KYC guidelines," he said. In March this year,...
More »Illegal for minors to open Facebook account: petition -Nirnimesh Kumar and Devesh K Pandey
-The Hindu Explain how minors are getting into Facebook and Google, Delhi High Court asks govt. The Delhi High Court on Thursday asked the Union government to explain how it was allowing children below 18 years to open accounts in social networking sites such as Facebook and Google. A Division Bench of Justices B.D. Ahmed and Vibhu Bakhru asked the Centre to respond within 10 days when counsel for the former BJP leader,...
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