Leading banks are set to oppose the latest RBI rule of having Aadhar enabled ATM’s and Point of Sale (POS) devices. RBI announced the new banking rules such as compulsory punching of debit card pin, EMV chip on cards, etc a couple of weeks back.
Banks believe they may not be able to afford the costing for this new technology. However, RBI has stated clearly that biometrics should be implemented by the banks for additional security. Banks would be discussing with RBI on the pros and cons of this new rule.