CURRENT AFFAIRS TOPICS - APRIL 2016
DCB Bank starts India’s first Aadhaar-based ATM
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Maharashtra based Small-sized lender DCB Bank has started an Aadhaar-based ATM usage facility in which a customer can transact using his biometric details instead of the PIN. This is the first of its kind.
The system is a comparatively inexpensive solution and the bank, which currently has 400 ATMs, is targeting to cover its entire network under the system within a year.
This is the first ATM in the country which operates using the Aadhaar data. One can do a transaction without the card as well.
How it Works:
*.ATM card holders can key-in the 12-digit Aadhaar number or swipe the card at an automated teller machine (ATM) to start a transaction, but at the stage of confirming the identity, it requires biometric details rather than the PIN.
*.All you have to do to authenticate is put your finger on the scanner. Aadhaar number will be essential before a customer can use the facility,only DCB Bank customers will be able to make use of the service.
*.The solution has been developed in-house and involves connecting up with the Aadhaar server to authenticate the identity of the customer every time a transaction is initiated.
Aadhar Card Holders in India: As of March 2016,9 crore Aadhaar numbers have been issued in the project which is about 82 % of the population.
New RBI Rates
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Policy Rates ::
Policy Repo Rate: 6.50%
Reverse Repo Rate: 6.00%
Marginal Standing Facility Rate: 7.00%
Bank Rate: 7.00%
Reserve Ratios ::
CRR: 4%
SLR: 21.25%
Lending / Deposit Rates ::
Base Rate: 9.30% - 9.70%
Savings Deposit Rate: 4.00%
Term Deposit Rate > 1 Year: 7.00% - 7.50%
DCB Bank starts India’s first Aadhaar-based ATM
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Maharashtra based Small-sized lender DCB Bank has started an Aadhaar-based ATM usage facility in which a customer can transact using his biometric details instead of the PIN. This is the first of its kind.
The system is a comparatively inexpensive solution and the bank, which currently has 400 ATMs, is targeting to cover its entire network under the system within a year.
This is the first ATM in the country which operates using the Aadhaar data. One can do a transaction without the card as well.
How it Works:
*.ATM card holders can key-in the 12-digit Aadhaar number or swipe the card at an automated teller machine (ATM) to start a transaction, but at the stage of confirming the identity, it requires biometric details rather than the PIN.
*.All you have to do to authenticate is put your finger on the scanner. Aadhaar number will be essential before a customer can use the facility,only DCB Bank customers will be able to make use of the service.
*.The solution has been developed in-house and involves connecting up with the Aadhaar server to authenticate the identity of the customer every time a transaction is initiated.
Aadhar Card Holders in India: As of March 2016,9 crore Aadhaar numbers have been issued in the project which is about 82 % of the population.
New RBI Rates
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Policy Rates ::
Policy Repo Rate: 6.50%
Reverse Repo Rate: 6.00%
Marginal Standing Facility Rate: 7.00%
Bank Rate: 7.00%
Reserve Ratios ::
CRR: 4%
SLR: 21.25%
Lending / Deposit Rates ::
Base Rate: 9.30% - 9.70%
Savings Deposit Rate: 4.00%
Term Deposit Rate > 1 Year: 7.00% - 7.50%
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