Facial recognition to be applicable for some financial transactions in banks, check details

Face recognition, as well as iris scan, might be soon used at some banks (private as well as public) in order to carry out some financial transactions. The government of India has given a green signal for using facial recognition as well as iris scan for certain transactions that cross a certain annual limit. As reported by Reuters, this step is being taken by the banks in order to reduce cases of fraud as well as tax evasion.

However, the advisory relating to verification has not been public yet. According to the sources, the verification is not meant for all the customers of the bank. It is rather limited to the customers that have not shared Permanent Account Number (PAN) card with the concerned bank. The measure will be used to verify individuals who make deposits and withdrawals that exceed 2 million rupees (Rs 20 lakh) in a financial year.

The Aadhaar identity card (which contains a unique number) that is linked with the account of a holder will be used to collect fingerprints, facial recognition as well as eye scan, said sources to Reuters.

Even though this use of facial recognition is expected to bring transparency to the banking system of the country, questions about the prospect of privacy can not be ignored by the common people as well as privacy experts.