The State Bank of Pakistan has made bio-metric verification mandatory to open a new bank account in all government and private banks and also using ATMs.
Soon the ATM booths will be armed with biometric devices. So that the fingerprints of the customers can be used for drawing or transferring money through ATM cards.
State Bank of Pakistan Makes Biometric Verification Mandatory to Open Accounts and for Using ATMs for all Private and Government Banks.
Federal Investigation Agency (FIA) took this great step. This step is taken due to the increasing number of electronic crimes. People are transferring funds to terrorist outfits as well criminal had stolen many ATM cards from people and then they misuse other people ATM card.
From January 2016 all private and government banks will use Biometric verification for opening a new bank account and using ATMs.
Now if you want to open an account in any private or government bank, you will have to go through this biometric verification process. While the existing account holders will also be made to go through the same process in different phases.
This move will help to reduce the electrical crimes regarding bank account. It will also help to eliminate fake bank accounts as well as tax evasion.
This step is the same as the biometric SIM verification that has been completed a few months ago in Pakistan. Now let’s see how much time it will take to get through the whole process and to which extent it will help the government in the prevention of electronic crimes.