Banks

Aadhaar link is a must for card transactions

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The RBI has made it compulsory for banks to implement Aadhaar authentication for card transactions at merchant locations.

The central bank informed that all new card’s present infrastructure has to be enabled for recent security measures, including an embedded EMV chip and a mandatory PIN, besides Aadhaar validation at point of sale (PoS) terminals.

Aadhaar is currently used by banks to establish identity while opening bank accounts, which can then be used to make sure that subsidy payments are routed directly to beneficiaries.

RBI had directed banks to issue chip-based cards by November 30 to tackle rising fraud.

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