Banking Current Affairs 2018

Welcome to Banking Current Affairs 2018 Section of GKToday. This section has current affairs on banking industry for IBPS Banking Recruitment, RBI Grade B, SBI PO, RRB and other banking examinations. An E-book compilation of latest 300 Banking Current Updates can be downloaded from This Link

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Axis Bank first to introduce iris authentication for Aadhaar-based transactions

Axis Bank became first bank in the country to introduce Iris Scan Authentication feature for Aadhaar-based transactions through its micro ATM tablets. These micro ATM tablets are Standardisation Testing and Quality Certification (STQC) certified and UIDAI compliant registered devices with completely integrated iris sensors.

How it works?

The transaction process through iris scan is very simple. Customer need to select desired service (funds transfer, cash withdrawal) and feed-in their Aadhaar numbers in micro ATM. Next, they have to choose IRIS as desired mode of authentication. Verification will be done by scanning eyes of customers through tablet’s iris sensor camera in 3-5 seconds. The transaction will be completed after biometric details are verified from UIDAI database.

Axis Bank is presently running pilot program of iris-based Aadhaar authentication for its customers at eight branches in rural segment largely covering areas of Punjab, Haryana, Gujarat and Andhra Pradesh. It is also exploring its application for varied services such as loan processing, insurance, eKYC account opening and others, most likely extending to the semi-urban and urban regions as well.

Significance

Iris scan technology is completely contactless and provides up to 98.2% authentication success rate and offers edge over other prevalent biometric modes. It will help to boost bank’s financial inclusion efforts by making Aadhaar authentication process hassle-free and offering easier access to digital banking for consumers especially in rural parts of the country. Micro ATMs completely eliminate requirement of debit cards, passwords, PINs, and user IDs, and empower consumers to avail banking services using only their Aadhaar numbers and biometrics (iris scan or fingerprint scan).

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Central Board of RBI: Centre appoints Swaminathan Gurumurthy and Satish Marathe as non-official directors

Appointments Committee of Cabinet (ACC) has approved appointment of Chartered Accountant Swaminathan Gurumurthy and businessman Satish Kashinath Marathe as another non-official director on Central Board of Reserve Bank of India (RBI). They have been appointed for period of four years.

Swaminathan Gurumurthy is Chartered Accountant by profession and is considered as Rashtriya Swayamsevak Sangh (RSS) idealogue and is associated with its affiliate Swadeshi Jagran Manch. He is also the editor of Tamil magazine Thuglak. He had referred demonetisation decision as equivalent of Financial Pokhran.

Central Board of RBI

RBI’s business is overseen by Central Board of Directors. It is categorised into official and non0official directors. It delegates the functions to its committees and sub-committees. Central Board of Directors holds minimum 6 meetings every year. Out of which, at least 1 meeting every quarter is held. But typically committee of central board meets every week (Wednesday).

Composition of RBI’s Central Board of Directors

It comprises RBI Governor, Deputy Governors (maximum 4), four non-official Directors which are nominated by Central Government (each Non-official director represents the local Boards located in Delhi, Chennai, Kolkata and Mumbai representing 4 regions of India). 10 Non-official Directors nominated by RBI itself (These are persons having expertise in various segments of Indian Economy). Besides, there is one representative (usually Financial Services Secretary) of Central Government nominated under Section 8 (1) (d) of the RBI Act.

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