Indian Banks Said to Soon Use Face Recognition, Eye Scan for Some Transactions

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 banker, who declined to name the banks. The advisory allowing the verification is not public and has…