The Indian government has set up a scheme to crack down on the illegal use of smart cards by crooks to access financial institutions and other businesses.
The National Payments Corporation of India (NPCI) has announced that the card will be used to steal bank details, and it is being rolled out across the country.
According to the National Payments Council (NPD), the card can be used by any financial institution, including banks, to access their data and make fraudulent transactions.
“We are planning to roll out the card across the entire country.
We are making this card mandatory for any financial institutions that have it.
We will roll out a payment card scheme for financial institutions, including credit unions and bank branches, across the state of Uttar Pradesh,” a NPD spokesperson said.
The card is used to access the bank’s network and make transactions, with the bank having to send the card to the cardholder, which is then verified by the NPD, before the transaction can be processed.
When the card is in use, it automatically generates a random PIN number and sends the PIN to the bank.
It can also be used for other purposes.
The card can also unlock and reset a bank’s account, including in cases of money laundering, and the N PD said it will also be issued to the people who were not registered with the banking service provider, but who would like to access accounts.
In the past, crooks would try to get the card from a bank with an online banking service and use it to open accounts.
The NPD has announced the card has been issued to all banks and they will also have to use it for all transactions.
“We have been working with various stakeholders, including financial institutions to make sure the card gets to them as quickly as possible.
We have also initiated a project in partnership with the Ministry of Corporate Affairs and Communications to help us identify the best way to roll it out,” the spokesperson said, adding that all banks in the state will have the card.
Banks in UP will also receive the card on a biometric basis, with a unique identification number to allow for the verification of account opening.
The new card will only be available in the metro cities of Lucknow, Gwalior, Ahmedabad, Lucknow and Gwalifarh.
For the first time in Uttar Pradesh, all banks will have to offer the card for use.
Read more: A spokesperson for the National Payment Council said the card was launched by the NPCI on August 16.
This is the first step towards roll out of the smart card in UP, she said.
The new card is not a replacement for the existing card, and will allow a person to open a bank account at any financial outlet without having to travel to the banks in a vehicle.
Currently, there are about 5,000 card-holders in Uttar, and more than 20,000 of them are registered in banks across the province, according to the NPCIL.
With a population of about 4.6 crore, Uttar Pradesh has about 2.5 lakh financial institutions.
First Published: Aug 21, 2017 08:39:59