Here on, people who want to open a new bank account  Aadhaar is a must  to ensure the identity and to make sure transactions are made directly to beneficiaries.

The order to issue chip based cards by have been given by RBI to minimize fraud transactions. Current step taken will be adding an extra expenditure for banks as they include biometric checks mechanisms through the systems founded by Unique Identify Authority of India.

New cards have been issued by banks to the customers who already used their existing cards at an International point of sale terminals. Banks will issue the remaining cards soon as this new facility consists of basic thumb print and reading devices.

Most of the private banks may stop installation of point of sales terminals at the merchant outlets as biometric validation is required in new machines. Public sector banks  are the ones that will get the worst hit due to this implementation.

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