RBI Working to Remove 2-StepSecurity for Small OnlineTransactions

India's central bank currently requires online transactions undergo a two-step
verification process.

Global e-commerce companies such as Uber Technologies Inc had sought to avoid the two-step process by routing online payments through an offshore server.

After SBI, HDFC Bank & Axis Bank now ICICI Bank has also decided to charge its own customers for using their Automated Teller Machines (ATMs) after five transactions.

After SBI, HDFC Bank & Axis Bank now ICICI Bank has also decided to charge its own customers for using their Automated Teller Machines (ATMs) after five transactions.

After exceeding the five free transaction limits, customers will have to pay Rs 20 per financial transaction excluding service tax and Rs 8.50 for every non-financial transaction for using own bank's ATM in Metros Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad.