Axis Bank Current Affairs

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).

Month: Categories: Banking Current Affairs 2018

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Indian Army inks MoU with Axis Bank on Defence Salary Package

Indian Army has signed Memorandum of Undertaking (MoU) with Axis Bank on Defence Salary Package. The first MoU between Axis Bank and Indian Army was signed in 2011 and was renewed in March 2015.  The current MoU is tailor-made to suit e requirements of serving soldiers, pensioners and families. Recently, Indian Army had also signed similar MoU with HDFC bank.

Key Facts

Under the current MoU, Indian Army personnel will get free personal accident death cover and free permanent total disability cover of Rs 30 lakh apart from benefits. Moreover their children will get free educational cover of up to Rs 2 Lakh for children between the age of 12 and 20 years. Indian Army is hoping that this MoU will benefit large number of serving and retired Army personnel who are having their accounts with Axis bank and also provide them opportunity to access modern banking facilities.

Month: Categories: Defence Current Affairs 2018

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