Domestic commercial banks are going to introduce another new method for verifying bank transactions. They are preparing to bring iris scans to senior citizens soon. Banks are negotiating with RBI and partner companies in this direction. Let’s know the details once.
Banking sources have recently reported that Indian commercial banks are considering using iris scanning to authenticate transactions of senior citizen customers. This new method is being explored as a solution to the problems faced by senior citizens when using their fingerprints or thumbprints for transactions. The banks are currently discussing the implementation of iris scans with the Reserve Bank of India and other stakeholders.
According to a bank executive, the issue was discussed in a meeting last month, and a decision has been made to approach the Reserve Bank for further discussion about the implementation and challenges of iris scanning. He also mentioned that the internal committee of the banks, headed by Union Bank of India Managing Director A. Manimaikhalai, has made some preliminary observations, which are currently being discussed. However, implementing this new method poses some challenges, including cyber security risks and issues related to those who have undergone eye surgeries like cataracts.
The bank is also considering re-registration for senior citizens who have undergone eye surgeries and exploring the challenges of implementing iris scans for those who take loans. Concerns have been raised about the reliability of iris-based biometric identification systems for people who have undergone eye surgery. A 2019 study by the Indian Institute of Technology Jodhpur found that cataract surgery affects iris shape patterns, which may impact the accuracy of the iris scan.
State Bank of India has already implemented iris scanners at its customer service points through Bank Mitra channels to address the problems faced by old-age pensioners and customers. The announcement came after a 70-year-old woman was unable to get her pension due to a mismatch between her fingerprints and bank records.
