Indian private sector banks have reportedly slowed down installation or upgrade of new credit card point of sales (POS) terminals and automated teller machines (ATMs) in the country.
The unannounced moves follows Reserve Bank of India (RBI) directive that asked the banks to install or upgrade all card-accepting machines, which could be able to verify transactions based on biometric information using the Aadhaar database, The Times of India reported.
Go deeper with GlobalData
In order to meet the RBI directives, the private banks will have to buy costly equipment to meet the finger print requirements at both ATM and a POS terminal, the daily reported.
Furthermore, the banks will have to connect machines to networks with 3G speeds to ensure uninterrupted services to customers.
However, Contrary to the all other private banks, Axis Bank is aggressively upgrading and installing ATM and POS throughout the country, according to the report.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
