NEW DELHI: The regulatory body of Indian Banks, RBI has advised banks in the country to issue Debit, ATM, Credit Cards with the account holder’s photograph. This advice comes as a preventive measure to check misuse of stolen cards. The directive appeared in Lok Sabha yesterday.
Namo Narain Meena (Minister of State for Finance, Government of India) said :
Banks have been advised by the RBI that, with a view to reducing the instances of misuse of lost/stolen cards, they may consider issuing cards with photographs of the cardholders or any other advanced methods that may evolve from time to time.
As on March 31, 2012 loans disbursed by public sector banks to various power distribution companies was 1,37,191 Crore and total NPAs was 6.98 Crore.
If implemented it will be a good move and will also help to prevent use of stolen cards for terror activities.