The Reserve Bank will soon need to take a decision on the choice between migrating to EVM cards with chip and pin and an Aadhaar based biometric authentication. The chip and pin is an established and tested technology, but is relatively expensive. The Aadhar based option is cheaper, but the robustness of this technology is as yet unproven.
If indeed we are finally able to marry Aadhaar into the cards, we would be achieving the same level of security available in chip and pin model at a much lower cost. Our other initiatives include implementing CTS2010 standards to promote safety in paper clearing and to immobilize the cash retraction facility in ATMs to prevent frauds. Customer centric regulation 24.