Bank Cash Transaction Rules: Customers will now be able to withdraw money only by verifying their identity. For this, face authentication and iris scanning of the eyes can be done. Some banks are planning to do this. It has been said in a report that banks can take a decision to further strengthen the security in cash transactions. Along with this, tax evasion will also stop.
Some private sector and public sector banks are going to implement it. According to a Reuters report, the government has allowed banks to use iris scan and face authentication for transactions exceeding the annual limit in some transactions. Along with this, for some big transactions, face recognition and eye scanning have also been asked.
Verification not mandatory
A banker informed that the advice allowing verification is not public and has not been reported earlier. Verification is not mandatory, but if the PAN card is not given, then you will not be able to do the transaction without verification. Cyber law expert Pawan Duggal told Times of India that some privacy experts are worried about the possibility of banks using facial recognition.
This rule can be applicable for withdrawing more than Rs 20 lakh
The government has said that it is trying to bring a new privacy law by 2023. Two government officials said the new measures could be used to verify the identity of individuals making deposits and withdrawals of more than Rs 20 lakh in a financial year. Whether you have already given Aadhaar card.
What information was given by the Ministry of Finance
In December, the finance ministry had asked banks to take necessary action on a letter from the UIDAI. The ministry had said that verification should be done through facial recognition and iris scanning. Especially where fingerprint authentication of a person fails. It is said by UIDAI that if a customer refuses, then banks can take some action.
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