Money & Banking
Banks told to issue debit, credit cards with user’s photo

Banks have been advised by the RBI to also consider cards with PIN and signature laminated cards or any other advanced methods to prevent misuse of stolen cards

The Reserve Bank of India (RBI) had asked banks to consider issuing debit and credit cards with photographs of the cardholders to prevent misuse of stolen cards, the Lok Sabha was informed today.
In a written reply in the Lok Sabha, minister of state for finance Namo Narain Meena 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 regards with credit cards, banks have been advised by the RBI to also consider cards with PIN and signature laminated cards or any other advanced methods, the minister said.




4 years ago



4 years ago

As all the tamper proof checks, viz., biometrics of ten fingers,both eyes' iris images are embedded in "Adhaar", why not carry this card with Debit card or Credit instead of insisting the Banks to reissue the said cards with photo.



In Reply to S BHASKARA NARAYANA 4 years ago

Thanks for you comment.
Kindly understand Aadhaar is not a card but simply a number that unless connected to the database cannot do authentication.
You may also want to read and . These two article discusses in detail the future of payment systems.

Ramesh Iyer

4 years ago

If RBI has indeed advised Banks to issue Debit &/ Credit Cards to customers to prevent fraud and misuse of stolen cards, it is certainly a welcome step. However, seems many Banks are not following this 'advise', as a private bank I have an a/c with refused to issue me a Debit & Credit Card with my photo, stating that they had 'discontinued' issuing such cards 'long back'.
I appreciate many of RBI's policies to protect investors' interests, such as -

1. Requirement of Verified-By-Visa or MasterCard SecureCode as 2nd level of protection for online transactions.
2. 'Advising' Banks to carry customer's photo on their Debit / Credit Card.

Though these are steps which would help in transactions within the country, card-holders remain exposed to frauds like skimming, and subsequent misuse of these at International locations (including websites).

UPSC’s controversial notification kept on hold after uproar in Parliament

Minister of state for personnel Narayanasamy told the Lok Sabha that the UPSC notification would be kept in abeyance and the government will call a meeting with the Commission

Following an uproar and all-round pressure in Parliament, the Union government on Friday kept in abeyance a controversial notification issued by Union Public Service Commission (UPSC).The notification of UPSC gave more weightage to English in the Civil Services examinations.
Minister of state for personnel V Narayanasamy announced the decision in the Lok Sabha at an impromptu debate on the issue amidst repeated uproars and three adjournments with members demanding immediate revocation of the notification issued on 5th March.
“Government will call a meeting of the UPSC to discuss and resolve the issue. In the meanwhile, we will keep the notification in abeyance. Status quo ante will be maintained,” Narayanasamy said.
In a notification, the UPSC had said it was changing the rules of the exams for the civil services. An English test would count for 100 marks and students could not answer other exams in a regional language unless they could prove that they had graduated from a school where classes were taught in that language.



SEBI seeks SC permission to detain Subrata Roy and three directors of Sahara

The market regulator is seeking clarificatory directions for implementing orders of the apex court. In a five point plea, SEBI has also asked for civil detention of Subrata Roy and three other Sahara directors and also wants them to deposit their passports with its whole-time member

Market regulator Securities and Exchange Board of India (SEBI) has moved five pleas before the Supreme Court for directions. 

We learn that SEBI's move was triggered by the fact that Sahara has approached the Securities Appellate Tribunal (SAT). Sahara India, a partnership firm of Sahara group, has also filed another case in the Allahabad High Court for de-freezing its accounts. Both these things made it difficult for the regulator to go ahead with implementing the SC order of 31 August 2012 without some clarifying directions from the apex court.

SEBI has made five points in its application…

  1. To publish an advertisement to the depositors of Sahara India Real Estate Corp and Sahara Housing Investment Corp in order to be able to make payments or rather pay out the money deposited with SEBI based on proper identification documents
  2. Procedural direction to appoint lawyers for verification and authentication of Sahara depositors
  3. To appoint officers for bringing various impounded properties of Sahara for sale
  4. Asking Subrata Roy Sahara and Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey—all three directors of Sahara group companies—to deposit their passports with SEBI’s whole-time member
  5. Detain Subrata Roy, Bhargava, Choudhary and Dubey in civil prison for not making payments

Last month, close on the heels of ordering attachment of bank accounts, investments and all other assets of Sahara India Real Estate Corp, Sahara Housing Investment Corp and directors and their promoters, including group chief Subrata Roy, the market regulator had cautioned investors and general public against transacting with these companies and persons.

SEBI had said that in furtherance to a Supreme Court order directing refund of investors’ money collected by these Sahara firms, it has ordered “attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and that of its promoters and directors namely Subrata Roy Sahara, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey”.


On 13th February, SEBI passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts.


It was after the Supreme Court said that the regulator was free to freeze the accounts and attach properties if Sahara firms were not complying with the apex court’s earlier orders of August 2012 towards refund of investors’ money totalling over Rs24,000 crore.


The assets ordered to be attached included those related to the group’s Aamby Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.


Passing the attachment orders, SEBI said that the two companies had raised Rs6,380 crore and Rs19,400 crore, respectively from bondholders and ‘various illegalities’ were committed in raising of these funds.


With regard to Subrata Roy and three other directors, namely Vandana Bhargava, Ravi Shanker Dubey and Ashok Roy Choudhary, SEBI ordered freezing of all bank and demat accounts of these four persons, as also attachment of all moveable and immoveable properties in their name with immediate effect.


Sahara said that it had already deposited Rs5,120 crore with SEBI that was in excess of its total liability towards refund to investors.



Boodugere Nagaraj

4 years ago

SEBI's mishandling of cases are taking things from bad to worse. SEBI is compelling NBFCs to close down their establishments permanently, without thinking . about consequences. Because of SEBIs street fight, lakhs of investors have lost their hard earned savings. Ten years back CRB was forced to close and till today investors have not received payment. This was followed by closure of hundreds of other NBFCs, which are rotting in the hands of Liquidators. Many small investors committed suicide. SEBI is not doing anything good or wise. Whatever they are doing SEBI should ensure that genuine investors get back their money without loosing single paise. !


4 years ago

I do not understand why prosecution? of SAHARA supremo. as comman and lay person can dnderstand that no one keep in pocket such a big cash amont,it's all in the books of account and more this is a buisness of borrowing and investing for the benifitt of's making lik HOX.

Shashikant Koppikar

4 years ago

It will be great if SEBI anmd the SC between them can expose those who have made benami deposits with Sahara ,. since all indications are that such huge amounts cannot be the earnings of semi-literate small depositors as claimed by the group.

Vaibhav Dhoka

4 years ago

Kudos to SEBI. It has awaken from slumber and taken HE-MAN action against SAHARA.But it should sustain this till it reaches final goal. Definately SEBI's official will also face music if found guilty.


4 years ago

SEBI - See Everything But Ignore atlast woken up. but law should ensure officials of SEBI are also made accountable as they are no less culpable in the murky dealings of Sahara. Mulayam, Modi etc all are in the pocket of Subroto . Let it be clear no legitimate business will have deposit more than Rs 24,000/- crores and did u not find No politician made any comment on this move of SEBI because black money of all different politicians

nagesh kini

4 years ago

Will SEBI move the SC to arrest every violation hereafter?


sivaraman anant narayan

In Reply to nagesh kini 4 years ago

SEBI seems to be seeking SC cover for its actions lest political backlash singes SEBI officials.

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