Bank of India: 1st bank to Launch ‘Aadhaar’ based RuPay Card with brand name DhanAadhaar and BTM- Banking through Mobile

MUMBAI, June 20, 2011:

In association with UIDAI and NPCI, Bank of India has launched BOI Dhan Aadhaar Card at the hands of Dr K C Chakrabarty Dy Governor, Reserve Bank of India in a function at village ‘Padgha’ in Thane District of Maharashtra on 19.06.2011. Bank of India is the first bank to roll out a product using Aadhaar authentication infrastructure. Card is useful to the customers in multiple ways. Firstly, this card can function on multiple channels like ATM and micro-ATMs. Secondly it uses Aadhaar authentication and finally it can function as an identity card as Aadhaar number and photograph is printed on the Card.

Bank has been a front runner in incorporating latest technological advances so that cost of financial inclusion drive is reduced. Usage of Aadhaar authentication is a futuristic move. In addition, it can substantially reduce the time lag in enrolling the customers and starting their transactions. Also, Aadhaar Enabled Payment System (AEPS) obviates the duplication of efforts in capturing of biometry and instead the Aadhaar biometry is used for the transactions.

Moreover, for the first time an indigenous card platform RuPay is being used for issuance of cards in a big way. So far, cards were issued either with Master Card International and VISA card affiliation.

Simultaneously, Bank is launching Mobile Banking under the aegis of IMPS under the brand name BOI STAR BTM (Banking Through Mobile) services to its customers. Bank’s customers, through Mobile, will be able to transfer money to a beneficiary account, Bank of India to Bank of India & other IMPS registered Member Banks and vice versa. Mobile Banking transactions, in due course of time, on its being cost effective & free, are expected to increase substantially.

(This is a press release from Bank of India)