India Banks Facial Recognition

The Indian government is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases, in a bid to reduce fraud and tax evasion, three sources told Reuters. A few large private and public banks have begun using the option, said one of the sources, a bank...

The Indian government is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases, in a bid to reduce fraud and tax evasion, three sources told Reuters.

The new digital function is powered by artificial intelligence or AI as well as facial recognition technology, and the whole process is paperless and contactless, said SBI.

The Indian government is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases, in a bid to reduce fraud and tax evasion, three sources told Reuters. A few large private and public banks have begun using the option, said one of the sources, a bank...

The Indian government is allowing banks to verify individual transactions that exceed a certain annual limit using facial recognition and an iris scan in some cases, in a bid to reduce fraud and tax evasion, three sources told Reuters.

The new digital function is powered by artificial intelligence or AI as well as facial recognition technology, and the whole process is paperless and contactless, said SBI.