Money can be withdrawn from the bank by showing ‘eyes’, new rules may come

To prevent and reduce bank fraud and tax evasion, the Indian government has asked banks in the country to use face recognition and iris scans. Face recognition and iris scans can be used for transactions after the annual limit on in-person transactions expires, Reuters reports.

Iris scanning

Image credit source: Getty Images

In the coming days, you can now withdraw money from the bank by showing your ‘eyes’. Wait here, you don’t misunderstand the meaning of winking. There is one rule of thumb here, and that is the iris scan. Yes, the bank will soon charge the account holder for some transactions Iris scan or face recognition You can pay with Unless the account holder is verified between both. The bank will not do the transaction. According to Reuters report, some big banks of the country have also started this work, but the names of those banks are not in the report.

What rules can come

In fact, to prevent and reduce bank fraud and tax evasion, the Indian government has asked banks in the country to use facial recognition and iris scans. According to a Reuters report, facial recognition and iris scans can be used for transactions after the annual limit on personal transactions is over. Citing sources, Reuters reports that some private and public banks have also started using this option. However, the names of the banks have not been disclosed. According to the report, the use of face recognition iris scan is not mandatory for verification, but it is definitely being used in cases where government identity cards such as Aadhaar card, PAN card number are not shared with banks for tax purposes. Huh

How much does an eye scan cost?

Eye scans and facial recognition are being used to verify deposits and withdrawals of more than 20 lakh rupees (USD 24,478.61) in a financial year, two government officials told the report on condition of anonymity. This is because in such cases banks ask people for Aadhaar card. Aadhaar card contains a unique number linked to an individual’s fingerprint, face and eye scan.

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The Ministry of Finance has given instructions

In December last year, the finance ministry asked all banks to take necessary action on the UIDAI issue. The letter suggested that before making a transaction, the person should be verified through face recognition face and iris scan. This becomes more important in cases where a person’s fingerprint certificate has failed No official statement has come from UIDAI and Finance Ministry in this regard.

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