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Our Bureau

Mumbai , Aug 21

AS part of its retail and corporate Net banking initiatives, Yes Bank has introduced single PIN and two-factor authentication facilities.

Customers can use the single personal identification number to operate ATMs, phone banking and also for Net banking.

"This eliminates the multiplicity of several personal identification numbers," said Mr H. Srikrishnan, Executive Director.

Once a customer opens an account, he or she gets a debit card and one PIN number for the ATM, Internet and phone account. As per regulatory requirements, these numbers should be changed later, which also takes care of security issues. "There is only initial access using the single PIN," said Mr Srikrishnan.

The two-factor authentication, for all Internet banking transactions, is so far mandatory only in Hong Kong, though in some countries it is a standard one. Yes Bank is introducing this for the first time in India.

Currently, all Internet transactions require user-id and a corresponding password. Under the two-factor authentication, once the customer asks for a transaction, and gives his or her user-id and password, the system generates a password and sends it to the customer's mobile or e-mail id. Unless this one-time password is keyed in the transaction will not be complete.

To begin with, the bank sends the password to the customers mobile, as it is commonly used, said Mr Srikrishnan. He also said the additional password will not lengthen the process and the transaction is instant.

Yes Bank has also introduced Real Time Gross Settlement for retail customers. There is no limit on the minimum amount that can be transferred and the bank will charge a flat rate of Rs 100 per transaction.

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