To avoid fraudulent transactions - IRCTC asks 26 banks to put OTP systems in place

To avoid fraudulent transactions -IRCTC asks 26 banks to put OTP systems in place 

NEW DELHI, JULY 10:  

Concerned over people not getting One Time Passwords (OTP) from several banks while booking train tickets on its portal, Indian Railway Catering and Tourism Corporation (IRCTC) has proposed that banks should take corrective action by August 15 to ensure smooth e-ticket transactions.

IRCTC has tied up with 50 banks for payments for e-ticket transactions, but only 24 of these banks have an OTP system, while the remaining 26 are yet to introduce it.

“We recently held a meeting with the officials of these banks to discuss the issue. We have now set August 15 as the deadline for the banks to issue OTPs to passengers who book tickets on our portal,” said IRCTC Chairman and Managing Director AK Manocha.

IRCTC, a ‘mini Ratna’ PSU of the Indian Railways, has been receiving complaints not only from customers but also from the Crime Branch regarding fraudulent transactions carried out on its digital portal.

All such banks which are yet to provide a hassle-free OTP system, have been intimated by e-mails and letters to take corrective measures before the expiry of the deadline, he added.

M. Srinivas MS, Addl GM (Software), IRCTC, said the e-ticketing portal has arrangements for transactions with 50 banks — 28 for Net banking, six for Payment Gateways (PGs), 10 for Debit Card and for for Cash Card, while one each is EMI-based and an IRCTC Prepaid Card. All the banks collect service charges for e-ticket transactions.

“Most of the banks/PGs/Cash Cards/EMI-based cards have the OTP facility for online transactions. Hence, it is imperative for them to implement it for all IRCTC transactions, including e-ticketing and online shopping,” he said, adding: “To avoid fraudulent transactions, we need to implement OTP for all transactions on our website. There should be a uniform policy.”

“This also makes a strong case for banks to introduce the OTP system at the earliest,” he said, adding: “This is also in consonance with the RBI guidelines.”

“The universal application of OTP is unlikely to have an adverse effect on the IRCTC’s Passenger Reservation System (PRS). On the other hand, touting activities such as cornering of e-tickets and use of automated tools for booking e-tickets will be restricted,” he said.

Source :The Hindu-Business Line