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<ul><li><keyword id="144117" type="General" weightage="20" keywordseo="aadhaar" source="Orion">Aadhaar</keyword> facilitated the Government of India in extending support to over 900 million beneficiaries, totaling $400 billion. </li><li>The elimination of fraudulent or duplicate IDs through the use of Aadhaar has resulted in an estimated government savings of approximately $34 billion. </li><li><keyword id="11907269" type="General" weightage="20" keywordseo="digilocker" source="Orion">DigiLocker</keyword> has broadened its document coverage, and includes banking, financial services, and education, through collaborations with private sector entities. </li></ul>The use of <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword> has gone beyond metros. Around 70% of UPI's current users hail from beyond Tier-1 cities. Also, more than 80% of new users emerge from locations in Tier-2 cities and beyond, according to the ‘Impact of DPI on the Indian Internet Economy’ report by Redseer Strategy Consultants. With a user base exceeding 350 million, UPI stands out as an incredibly successful digital asset, revolutionising India's transaction landscape. Currently, approximately 45% of all transactions within the country occur digitally, with UPI commanding a significant share of 52%, surpassing 10 billion monthly transactions. The convenience associated with UPI <keyword id="6359540" type="General" weightage="20" keywordseo="payments" source="Orion">payments</keyword> has spurred the development of an expansive network of merchants, the digitalization of operations, and a noteworthy shift in consumer preferences. Aadhaar, the game changer Aadhaar's seamless digital ID verification has significantly enhanced governance effectiveness, leading to substantial cost savings for the government. By reinforcing the direct benefit transfer framework and policies, Aadhaar facilitated the Government of India in extending support to over 900 million beneficiaries, totaling $400 billion in cash and in-kind benefits across 313 schemes. The elimination of fraudulent or duplicate IDs resulted in an estimated government savings of approximately $34 billion. “Additionally, Aadhaar-based eKYC procedures streamlined processes such as bank account openings, issuance of credit cards, and filing of income tax returns, digitising various facets of government-citizen interactions,” says the report. Digilocker and FastTag gain users as they mature The success of Aadhaar, eKYC, and UPI have paved the way for various other Digital Public Infrastructures (DPIs) and the evolution of India Stack. Among these, platforms like DigiLocker and FasTag have matured considerably and amassed substantial user bases. The ongoing expansion of these initiatives has led to the development of innovative products and applications, exploring new use cases. For instance, DigiLocker facilitates KYC/ID verification and dynamic linking of insurance and health records, while FasTag enables parking fee payments using its balance, among other functionalities. The government has amplified the DigiLocker framework through DigiLocker 2.0, aiming to streamline the Know-Your-Customer (KYC) process across various financial and alternative services. This initiative revolves around centralising the process, eliminating redundant procedures at different touchpoints. “Embracing an enterprise-level approach for MSMEs, trusts, and other entities will enable companies to alter documents, changes of which will be reflected in personal DigiLocker accounts achieving high interoperability,” says the report. Furthermore, DigiLocker has broadened its document coverage, and includes banking, financial services, and education, through collaborations with private sector entities.

Eight in ten new UPI users are coming from Bharat

Professional social networking platform <keyword id="28120" type="General" weightage="100" keywordseo="linkedin" source="Orion">LinkedIn</keyword> has introduced its identity verification feature for Indian users. "Having an ID verification means that the individual's government-issued ID is verified by one of LinkedIn's verification partners," Ashutosh Gupta, Country Manager at <keyword id="278010" type="General" weightage="50" keywordseo="linkedin-india" source="Orion">LinkedIn India</keyword>, said in a blogpost on Wednesday. In <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>, HyperVerge, a third-party identity verification service which uses DigiLocker -- an online wallet for Indian government-issued IDs like the <keyword id="6356006" type="General" weightage="80" keywordseo="aadhaar-card" source="Orion">Aadhaar Card</keyword> -- handles ID verification. The ID verification is available for users with a valid Aadhaar number and an Indian phone number. "On LinkedIn, when you show that you're the real you, you'll have an even greater chance of finding the professional opportunities that matter to you and your community," Gupta said. He further mentioned that the platform does not have access to any sensitive data from the member's Aadhaar. "If you don't have an Aadhaar, you can still verify other information for use on LinkedIn using different methods. You can choose to verify through your work email, or workplace credentials," he added. In April, the company launched the ID verification in the US and plans to roll out this feature to other regions soon. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/renew-power-posts-net-profit-of-1-mn-for-q4-but-ends-fy23-in-the-red/articleshow/100813970.cms">ReNew Power posts net profit of $1 mn for Q4 but ends FY23 in the red</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ivan-menezes-india-born-ceo-of-johnnie-walker-whiskys-maker-diageo-passes-away/articleshow/100814453.cms">Ivan Menezes, India-born CEO of Johnnie Walker whisky's maker Diageo, passes away</a>

LinkedIn introduces ID Verification feature for Indian users

Here are the most controversial data breaches of 2018 that affected Indian users

<a href="http://www.businessinsider.in/DoYou-Need-Aadhaar-Card-Govt-Says-Yes-Supreme-Court-Says-No/articleshow/22981267.cms">Controversy</a> is still raging over the mandatory use of <keyword id="144117" type="ORGANIZATION" weightage="100" keywordseo="AADHAAR">Aadhaar</keyword>, but an expert <keyword id="2006823" type="UNKNOWN" weightage="100" keywordseo="Committee-on-financial-inclusion">committee on financial inclusion</keyword> has already recommended that the <keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> should leverage the <keyword id="2006820" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-network">Aadhaar network</keyword> to ensure that every Indian has a <keyword id="2006817" type="UNKNOWN" weightage="100" keywordseo="Free-bank-account">free bank account</keyword> by January 2016. The recommendation has come from the Committee on Comprehensive <keyword id="2006821" type="UNKNOWN" weightage="100" keywordseo="Financial-Services-for-Small-Business">Financial Services for Small Business</keyword> and Low-Income Households, which is headed by <keyword id="311391" type="PERSON" weightage="100" keywordseo="Nachiket-Mor">Nachiket Mor</keyword>, an <keyword id="2006825" type="UNKNOWN" weightage="100" keywordseo="RBI-board-member">RBI board member</keyword> and former <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword> executive. 
 <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> set up the committee last September and it has now sought comments from the public on the <keyword id="1180163" type="UNKNOWN" weightage="100" keywordseo="draft-recommendations">draft recommendations</keyword> on or before January 24, 2014. Other key members of the panel include former <keyword id="44473" type="CITY" weightage="80" keywordseo="Citigroup">Citigroup</keyword> CEO <keyword id="25396" type="PERSON" weightage="100" keywordseo="Vikram-Pandit">Vikram Pandit</keyword> and <keyword id="2006826" type="UNKNOWN" weightage="100" keywordseo="Axis-Bank-CMD">Axis Bank CMD</keyword> <keyword id="6356453" type="PERSON" weightage="100" keywordseo="Shikha-Sharma">Shikha Sharma</keyword>. 
 According to the report, every Indian resident over 18 years of age should be automatically issued a “universal <keyword id="2006829" type="UNKNOWN" weightage="100" keywordseo="Electronic-bank-account">electronic bank account</keyword> at the time of receiving his/her <keyword id="485058" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-number">Aadhaar number</keyword>.” One can choose his/her <keyword id="2006832" type="COMPANY" weightage="100" keywordseo="Preferred-bank">preferred bank</keyword> from the empanelled ones and need not pay any fee for opening an account. However, the bank can levy <keyword id="162862" type="UNKNOWN" weightage="100" keywordseo="transaction-charges">transaction charges</keyword>, the committee says. It also recommends setting up of a ‘unified’ redressal agency under the <keyword id="47209" type="ORGANIZATION" weightage="100" keywordseo="Finance-Ministry">finance ministry</keyword> to deal with <keyword id="786199" type="UNKNOWN" weightage="100" keywordseo="customer-complaints">customer complaints</keyword>. 
 About 90% of small businesses have no links to a <keyword id="154831" type="ORGANIZATION" weightage="100" keywordseo="financial-institution">financial institution</keyword> and 60% of Indians do not have bank accounts, the report states. “Aadhaar is the key piece of infrastructure to enable a customer to be identified and authenticated so that repudiation and fraud risks are minimised and therefore, should become the universal basis for authentication,” it adds. 
 The panel has also suggested that a special type of <keyword id="6368751" type="PERSON" weightage="100" keywordseo="Banks">banks</keyword> should be introduced to provide payment services and deposit products to small businesses and low-income households. Such banks could be categorised as <keyword id="2006841" type="UNKNOWN" weightage="100" keywordseo="Payments-banks">payments banks</keyword> and “they will be restricted to holding a <keyword id="2006842" type="UNKNOWN" weightage="100" keywordseo="Maximum-balance">maximum balance</keyword> of Rs 50,000 per customer,” the report says. Even <keyword id="2006844" type="UNKNOWN" weightage="100" keywordseo="Existing-lenders">existing lenders</keyword> can set up these payments banks as <keyword id="4128451" type="UNKNOWN" weightage="100" keywordseo="subsidiaries">subsidiaries</keyword>. The report also recommends setting up another category of wholesale banks that will provide funds to other banks and financial institutions that directly lend to low-income households. 
 On the face of it, the recommendations to introduce a multi-layered <keyword id="6354778" type="ORGANIZATION" weightage="100" keywordseo="Banking">banking</keyword> system make sound sense as these ‘proposed’ entities will be serving the <keyword id="2006855" type="UNKNOWN" weightage="100" keywordseo="Financially-weak">financially weak</keyword> segment of the country and overall, the inclusion plan for 2013-2016 looks good. 
 
Except for the Aadhaar part. 
 But before we go ahead, let us have a look at Aadhaar and what all it offers. Launched by the <keyword id="86474" type="ORGANIZATION" weightage="100" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> (<keyword id="6355252" type="CITY" weightage="100" keywordseo="UIDAI">UIDAI</keyword>), the <keyword id="804646" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-scheme">Aadhaar scheme</keyword> was initially introduced to ‘promote inclusion and benefits of the <keyword id="1389586" type="UNKNOWN" weightage="100" keywordseo="marginalised-sections">marginalised sections</keyword> of the society that has no <keyword id="2006861" type="UNKNOWN" weightage="100" keywordseo="Formal-identity-proof">formal identity proof</keyword>.’ Even today, Aadhaar-enabled services are essentially linked to various <keyword id="580043" type="UNKNOWN" weightage="100" keywordseo="government-welfare-schemes">government welfare schemes</keyword> – so that its beneficiaries can access the same in a hassle-free manner. 
 However, the ‘<keyword id="2006816" type="UNKNOWN" weightage="100" keywordseo="Banking-for-all">banking for all</keyword>’ initiative in its ‘suggested’ format cannot be a marginalised movement, aimed to serve only the under-banked/unbanked regions or the weaker section or those below the <keyword id="141042" type="ORGANIZATION" weightage="100" keywordseo="poverty-line">poverty line</keyword>. It has to have a <keyword id="2006866" type="UNKNOWN" weightage="100" keywordseo="Unified-structure">unified structure</keyword> across the country – involving every Indian citizen. In other words, it will be much like the ‘<keyword id="49358" type="UNKNOWN" weightage="100" keywordseo="voter-card">voter card</keyword>’ mechanism we have in place right now. At the age of 18, an Indian is entitled to get a voter card irrespective of the <keyword id="2006868" type="UNKNOWN" weightage="100" keywordseo="Financial-divides">financial divides</keyword>. Going forward, if the central bank intends to follow the same principle and wants to bring the entire population of the country under its <keyword id="2006870" type="UNKNOWN" weightage="100" keywordseo="Inclusion-umbrella">inclusion umbrella</keyword> (after all, one cannot leave one section of the citizens out of a <keyword id="2006871" type="UNKNOWN" weightage="100" keywordseo="Mass-initiative">mass initiative</keyword> just because they are financially more stable), opening an account at the stipulated age should become mandatory and that means a mandatory <keyword id="1953676" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-validation">Aadhaar validation</keyword>. 
 And that brings us back to the basic question – what is the legal status of Aadhaar in India? Is it just a <keyword id="107911" type="ORGANIZATION" weightage="100" keywordseo="Financial-inclusion">financial inclusion</keyword> tool for the economically weak or do the government agencies intend to turn it into an ‘all-inclusive’ tool required for every social and <keyword id="672932" type="ORGANIZATION" weightage="100" keywordseo="economic-activity">economic activity</keyword> – right from <keyword id="427269" type="UNKNOWN" weightage="100" keywordseo="Marriage-registration">marriage registration</keyword> to <keyword id="854003" type="UNKNOWN" weightage="100" keywordseo="land-registration">land registration</keyword>, from banking to <keyword id="6368952" type="ORGANIZATION" weightage="100" keywordseo="shopping">shopping</keyword> and more? 
 The RBI has already asked banks to ensure <keyword id="1953683" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-authentication">Aadhaar authentication</keyword> for <a href="http://www.businessinsider.in/Now-RBI-Wants-Aadhaar-Validation-For-Card-based-Transactions/articleshow/26473660.cms">card transactions</a> at merchant locations. “All new card present infrastructure has to be enabled for both <keyword id="1953693" type="UNKNOWN" weightage="100" keywordseo="EMV-chip-and-PIN">EMV chip and PIN</keyword> and Aadhaar (<keyword id="1953679" type="UNKNOWN" weightage="100" keywordseo="Biometric-validation">biometric validation</keyword>) acceptance,” the central bank stated in a notification on November 26 last year. 
 Although the <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword> has ruled that the <keyword id="6356006" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-card">Aadhaar Card</keyword> is not mandatory to get <keyword id="1739662" type="UNKNOWN" weightage="100" keywordseo="government-benefits">government benefits</keyword> and services, and the <keyword id="1878758" type="UNKNOWN" weightage="100" keywordseo="National-Identity-Authority-of-India-Bill">National Identity Authority of India Bill</keyword> is yet to get Parliamentary nod, Aadhaar seems to be enjoying a more hallowed status and getting its teeth deep into every key financial transaction one can think of. That might not be quite desirable at this stage as divulging <keyword id="441301" type="UNKNOWN" weightage="100" keywordseo="biometric-data">biometric data</keyword> (required for Aadhaar Card) is still considered voluntary and <keyword id="2006881" type="UNKNOWN" weightage="100" keywordseo="Secure-storage">secure storage</keyword> of the same cannot be guaranteed even now. 
 The rest of the recommendations by the committee dwell on the structure and requirements of the <keyword id="2006882" type="UNKNOWN" weightage="100" keywordseo="Proposed-banks">proposed banks</keyword>, <keyword id="6597293" type="UNKNOWN" weightage="100" keywordseo="priority-sector-lending">priority sector lending</keyword> and deposits, and classification of non-banking financial companies (NBFCs). 
 Interestingly, the payment banks will be required to meet the standard <keyword id="35038" type="ORGANIZATION" weightage="80" keywordseo="crr">CRR</keyword> terms and must also deposit the balance proceeds in approved <keyword id="838337" type="UNKNOWN" weightage="100" keywordseo="SLR-securities">SLR securities</keyword> with duration of no more than three months. As they won’t be permitted to assume any kind of <keyword id="854662" type="UNKNOWN" weightage="100" keywordseo="Credit-risk">credit risk</keyword>, which literally rules out any risk of default, the <keyword id="2006891" type="UNKNOWN" weightage="100" keywordseo="Minimum-entry-capital">minimum entry capital</keyword> for them will be Rs 50 crore instead of the Rs 500 crore required for full-service commercial banks in the country. Also, the wholesale banks cannot accept deposits bigger than Rs 5 crore from a single depositor. 
 The RBI had launched a three-year financial <keyword id="2006853" type="UNKNOWN" weightage="100" keywordseo="Inclusion-programme">inclusion programme</keyword> in April 2010, which prompted banks to open outlets in 200,000 villages. The current recommendations seek to deepen such access and experts even feel that the new banking licences, to be announced soon, can be categorised accordingly. But both the government and the RBI should ensure that the programme becomes ‘inclusive’ in the true sense of the term and validation issues should not throw a spanner in the works.

Aadhaar Gaining More
Teeth, To Play Key Role In ‘Banking For All’

<ul><li><keyword id="556475" type="COMPANY" weightage="20" keywordseo="Vakrangee">Vakrangee</keyword>, a listed company, has announced that it will be building 75,000 EV charging stations in India by March 2022. </li><li>The company was earlier involved in making voter ID cards and also Aadhar cards. </li><li>It has also had a troublesome past with the Ministry of Corporate Affairs ordering an investigation into the audit books of the company.</li></ul>Vakrangee, a company that builds last-mile retail outlets for financial services companies, has announced that it will be building 75,000 <keyword id="381751" type="ORGANIZATION" weightage="20" keywordseo="Electric-vehicle">electric vehicle</keyword> recharging stations across India by 2021-22. The 29-year old listed company aims to achieve this number by building on its existing network of financial services outlets - Nextgen Vakrangee Kendras. According to reports, the company already has 3,504 outlets across 19 states, and 68% of them are in Tier 5 and Tier 6 towns of India. "Vakrangee plans to leverage this deep presence by being an enabler for the EV charging facility through its network of retail outlets called as Vakrangee Kendras. We continue to focus on expanding the bouquet of services available at our Nextgen Vakrangee Kendras," the company said in <a href="https://www.livemint.com/auto-news/vakrangee-to-set-up-electric-vehicle-ev-charging-stations-across-india-1563248254626.html">a statement.</a> The company that does it all? The company went through multiple pivots throughout its journey. It began as a technology company, and went on to make voter identity cards. With the Aadhar revolution, it became a franchise for producing Aadhar UID cards in 2010 and is also a logistics partner for Amazon India, Delhivery, FedEx. According to the company’s official website, it has gone “from being a sub-contractor and IT enabler for e-Governance projects to a prime bidder in e-Governance projects and further to a fully-integrated retail house offering BFSI, G2C and B2C services.” Market report In February 2018, Vakrangee’s stock price crashed by over 60% after the Ministry of Corporate Affairs ordered an investigation into its books. According to reports, market regulator SEBI was investigating it for alleged price and volume manipulation from 1 January 2016 to 30 June 2017. By the end of 2018, the <a href="https://www.business-standard.com/article/markets/vakrangee-hits-5-upper-circuit-as-govt-finds-no-irregularity-in-its-books-119011000208_1.html">company’s</a> stock price fell by 92%. However, after SEBI and MCA gave a clean chit to the company, its stock prices went up again. In <a href="https://www.business-standard.com/article/news-cm/vakrangee-sizzles-on-mulling-pan-india-ev-charging-infra-119071600227_1.html">May 2019</a>, its shares fell by 5% after the company posted a fall in profits. Vakrangee’s consolidated net profit fell by 91.5% in the last financial year end.

From Aadhaar cards to charging electric cars – Meet the Indian company that wants to do it all

<ul><li>A new survey finds that 80% of Indians don’t trust the <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword> card program.</li><li>Respondents agree that the government needs to take <keyword id="187124" type="ORGANIZATION" weightage="20" keywordseo="Data-Protection">data protection</keyword> more seriously. </li><li>The government had previously signed an affidavit for the Supreme Court, stating that the Aadhaar database can neither be hacked nor breached.</li></ul>The Aadhaar card scheme, a 12-digit unique identity number for residents in India, has been embroiled in controversy since its initiation in 2009. Nine years down the line, citizens still don’t <a href="https://cio.economictimes.indiatimes.com/news/digital-security/80-people-concerned-about-aadhaar-data-security-study/64383641">trust</a> the world’s <a href="https://telecom.economictimes.indiatimes.com/news/aadhaar-worlds-largest-id-database-exposed-by-india-government-errors/64175448">largest</a> biometric ID system. A survey conducted by Velocity MR, a market research and analysis company, concluded that eight out of 10 respondents were concerned about the security of their Aadhar data and felt the government should be more proactive about data protection. This comes from taking 5,800 respondents into consideration, across 8 tier-1 cities in India, including the National Capital Region. The Aadhaar conundrum Headlines that call the security of Aadhaar into the question rear their head every few months. Regardless of whether it’s a <a href="https://www.indiatimes.com/technology/news/an-online-researcher-hacked-into-aadhaar-s-official-android-app-to-show-how-poorly-it-s-secured-337425.html">French researcher</a> or <a href="https://economictimes.indiatimes.com/tech/internet/uidai-trashes-zdnet-report-refutes-aadhaar-data-leak-claim-by-delhi-researcher/articleshow/63446024.cms">ZDNet</a>, the issue lies with the government’s reiterations of the Aadhaar system being ‘<a href="https://www.troyhunt.com/is-indias-aadhaar-system-really-hack-proof-assessing-a-publicly-observable-security-posture/">hack-proof</a>’. The Unique Identification Authority of India (<keyword id="6355252" type="DEFINITION" weightage="20" keywordseo="uidai">UIDAI</keyword>), the government agency behind Aadhaar cards has <a href="https://economictimes.indiatimes.com/news/politics-and-nation/aadhaar-data-is-fully-safe-uidai/articleshow/61725239.cms">said</a>, “The Aadhaar data, including biometric information, is fully safe and secure.” Even the government filed an <a href="https://www.firstpost.com/india/government-files-affidavit-in-aadhaar-case-claims-it-cannot-be-hacked-or-breached-supreme-court-to-hear-case-today-4190835.html">affidavit</a> with the Supreme Court in lieu of the Aadhaar case, that claimed that the data collected through the system cannot be breached or hacked. Security in itself is not a zero-sum game. Technology evolves at such velocity that safeguards becoming obsolete is always a concern, while also being inevitable. That being said, a system cannot be completely secure, it can only be sufficiently prepared. The Cambridge Analytica data breach scandal goes a long way in proving the same. It’s one of reasons why the conversation has veered from obtaining consent to getting ‘<a href="https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/consent/what-is-valid-consent/">valid’ </a>consent. The same survey, when asking about Facebook usage, found that 1-in-3 users are going to reduce the amount of information they share on the social networking platform, though they aren’t ready to leave it altogether. Because, let’s be honest, there’s always a weak link or a point of vulnerability. The question is, how long will it be before someone finds it.

Nine years later, 80% of Indians are still not convinced the world’s largest biometric ID system is secure

After having the choice of porting your mobile number to another network, you would now be able to port your bank account number to another bank. At an event organized by the Banking Codes and Standards Board of India, <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> deputy governor <keyword id="1531843" type="COMPANY" weightage="100" keywordseo="S-S-Mundra">S S Mundra</keyword> has said that technological innovation and linking bank accounts to Aadhaar has made it easier to port bank account numbers. When put to use, this process won’t only save customers the trouble of going through the entire process of opening a new bank account while switching banks, and would also do away with the need to have multiple bank accounts. Since the customers would find it easier to switch banks, there would be an increase in competition amongst banks, which could also lead to better services. However, this is not going to be easy for banks given the number of loopholes about technology and data-integration front that need to be addressed before the process can be undertaken. "Banks will have to restructure their account numbering systems. Many of them have different methods and streamlining these will take time. This will also involve changes in their software integration systems," Adhil Shetty, CEO of Bankbazaar told <a href="http://economictimes.indiatimes.com/industry/banking/finance/rbi-wants-you-to-keep-your-account-number-while-switching-banks/articleshow/58922929.cms">ET</a>. Also, there is a difference in the know your customer (KYC) procedures undertaken by different banks, which is why one bank might not accept the diligence done by another. Also, people might switch banks too often to escape the net of the Prevention of Money Laundering Act, which also needs to be taken care of.

Change your banks, not your account number, says RBI

<keyword id="1029687" type="PERSON" weightage="100" keywordseo="Ajay-Bhushan-Pandey">Ajay Bhushan Pandey</keyword>, CEO of Unique Identification Authority of India has expressed complete confidence in the <a href="http://www.businessinsider.in/pm-modi-officially-launches-bhim-on-br-ambedkars-anniversary/articleshow/58178474.cms">BHIM</a>-Aadhaar Pay system, saying that it is more secure than any debit card or credit card network. Talking to ET, Pandey also spoke about the benefits that merchants who accept payment through Aadhaar would get from the governments. On being asked about the total amount that the merchants would get, he said that even though the amount is being still estimated, the government has made the commitment and is working on it. Also talking about the government’s aim behind launching BHIM-Aadhaar, he said that the app is for those unable to use other means of <keyword id="1399736" type="UNKNOWN" weightage="100" keywordseo="Digital-Payment">digital payment</keyword>, either because of lack of mobile phone or being financially illiterate to handle <a href="http://www.businessinsider.in/markets/economy/swipe-machine-numbers-up-by-10-lakh-post-demonetisation/articleshow/58123731.cms">all the information</a> that these digital payment apps demand. They would be able to use their fingerprint and Aadhaar number for <a href="http://www.businessinsider.in/markets/economy/shop-scan-simple-pay-your-shopping-bills-by-scanning-qr-codes/articleshow/57938337.cms">shopping</a> at local kirana stores, medicine shops, hospitals, fertilizer shops and ration shops. Also read: <a href="http://www.businessinsider.in/fair-price-shop-owners-are-discouraging-digital-payments/articleshow/58142728.cms">Fair price shop owners are discouraging digital payments</a> By September 2017, there will be 20 lakh merchants on <keyword id="4419021" type="UNKNOWN" weightage="100" keywordseo="BHIM-Aadhaar-pay">BHIM-Aadhaar Pay</keyword>, and they won't have to pay any MDR (merchant discount rate). Rather, they will receive an incentive of 0.25% of the transaction value (limited to certain caps). Customers too will not be charged anything, and to top it all, this would be an extremely safe method of digital payments. The application that merchants will use will be developed by the bank, which would then be security tested by the <keyword id="193629" type="CITY" weightage="100" keywordseo="NPCI">NPCI</keyword> (National Payments Council of India) and other appropriate security agencies. This would prevent misuse of data, and even if any misuse happens, the person will definitely be caught. Also read: <a href="http://www.businessinsider.in/paytm-freecharge-bhim-etc-have-serious-privacy-concerns-here-are-the-details/articleshow/58109151.cms">Paytm, Freecharge, BHIM, etc have serious privacy concerns. Here are the details</a>

UIDAI CEO confident about BHIM and Aadhaar Pay, says misuse not possible

Government's decision to demonetize Rs. 500 and Rs. 1000 currency has resulted in a country wide frenzy but it has also paved way for the <keyword id="2414153" type="UNKNOWN" weightage="20" keywordseo="payment-bank">payment bank</keyword>s in the country and making the most of the govt's move is country's top telecom operator, <keyword id="15491" type="COMPANY" weightage="100" keywordseo="Airtel">Airtel</keyword>. The company had earlier said that it would be launching its payment bank business by the second quarter of the financial year ending March 2017. Now <keyword id="6385180" type="UNKNOWN" weightage="20" keywordseo="Airtel-Payments-Bank">Airtel Payments Bank</keyword> Limited (“Airtel Bank”) has rolled out a pilot of its banking services in <keyword id="6355588" type="ORGANIZATION" weightage="20" keywordseo="Rajasthan">Rajasthan</keyword> with an aim to test systems and processes ahead of a full scale pan Indian launch. 
 
With this, Airtel Bank becomes the first payments bank in the country to go LIVE. Customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic, convenient banking services. Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets. 
 
Airtel says a wide network of merchants (sellers/shops) across Rajasthan will accept digital payments from Airtel Bank from day one, offering customers cashless purchase of goods and services via their mobile phones. Airtel Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem. 
 Airtel says the Airtel Bank is a fully digital and paperless, will offer bank account opening services with <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword> and cash deposit &amp; withdrawal facilities. 
 
Here's all you need to know 
 
Customer’s Airtel mobile number will be his/her bank account number 
 
Interest rate of 7.25 % p.a. on deposits in savings accounts 
 
Money transfer to any bank account in India (Free money transfer from Airtel to Airtel numbers within Airtel Bank) 
 
Personal Accidental Insurance of Rs. 1 Lac with every Savings Account 
 
Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account with Airtel Bank. 
 
Airtel Bank does not offer ATM/Debit Card facility, at present. Customers can deposit withdraw cash 
 Customers can access money transfer services using the the <keyword id="545632" type="UNKNOWN" weightage="20" keywordseo="Airtel-Money">Airtel Money</keyword> app or through USSD 
 
Former PayU executive Abhishek Tripathi joined Airtel Payments Bank in October this year to lead its small and medium business division. 
Airtel received payments bank license from the Reserve Bank of India (RBI) in April 2016. The telecom operator is planning to expand its payment banking operations across its extensive network of over 1.5 million retail outlets, with deep penetration in rural areas.

Airtel takes a bite of the govt's big demonetization pie, becomes first payment bank to go live

How many IDs must one have before the Indian authorities are appeased? My apologies to Bob Dylan, but the <keyword id="6354977" type="ORGANIZATION" weightage="80" keywordseo="Supreme-Court">Supreme Court</keyword>’s ruling on <keyword id="6356006" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-card">Aadhaar Card</keyword> once again highlights how we tend to lose our vision and put in efforts where it is not needed. 
 
Only yesterday, the apex court ruled that the Aadhaar Card is not mandatory to get government benefits and services. The interim order was passed after a retired judge of the Karnataka High Court filed public interest litigation (PIL) as some of the state governments like Maharashtra are mandating the Aadhaar Card as a compulsory requirement without the Parliamentary sanction. 
 The National Identity Authority of India Bill was introduced in 2010 but it was rejected by the <keyword id="61249" type="ORGANIZATION" weightage="40" keywordseo="Parliamentary-Standing-Committee">Parliamentary Standing Committee</keyword> a year later. Till date, our understanding has been that Aadhaar is voluntary in nature and has a different purpose altogether. So the sudden attempt at the Orwellian-style imposition is a bit scary. After all, many of us already have Voter ID cards, PAN cards, passports and driving licences. So why do we need yet another compulsory validation? Aadhaar should be the prerogative of the under-served India living on the edge while the rest of the country can adopt it at its own pace. The macro vision should not be lost either – we need a nationwide social security network and unique identity numbers must be generated to leverage its benefits. 
 Launched by the <keyword id="86474" type="ORGANIZATION" weightage="100" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> (<keyword id="6355252" type="CITY" weightage="100" keywordseo="UIDAI">UIDAI</keyword>), the chief purpose of the Aadhaar scheme is to ensure a broad <keyword id="621722" type="UNKNOWN" weightage="80" keywordseo="economic-inclusion">economic inclusion</keyword>, not enjoyed by millions. Considering the vast Indian population outside the immediate administrative radar and living below the poverty line, it makes sense to have an all-purpose identity proof – a pass key to the direct benefits transfer (DBT) scheme. According to the central government, Aadhaar has been launched to “promote inclusion and benefits of the marginalised sections of the society that has no formal identity proof” and <keyword id="1878763" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-enabled-service-delivery">Aadhaar-enabled service delivery</keyword> is linked to various government schemes such as scholarship, pension, janani suraksha yojana, payment of social security benefits, distribution of LPG subsidy and more. But we have not progressed very far as things can only move slowly in a vast and thickly populated country like India. Once the permanent enrolment centres come up all over the country, the ‘inclusion’ will happen fast. 
 But there is another hitch. The Supreme Court is of the opinion that the use of Aadhaar should not be made mandatory as <keyword id="109240" type="PERSON" weightage="60" keywordseo="illegal-immigrants">illegal immigrants</keyword> may leverage it to legitimise their status. Here is one observation, though. Aadhaar is just an identity proof, not a citizenship proof like a <keyword id="661164" type="UNKNOWN" weightage="60" keywordseo="voter-ID-card">Voter ID card</keyword>. So when the Aadhaar mapping is completed, a second and more stringent level of scrutiny should weed out that problem. 
 
However, one must remember that the consent of an individual is indispensable for Aadhaar. Unlike a Voter ID or a PAN card, one is under no legal obligation to get an Aadhaar Card. Therefore, the sudden and forceful implementation may actually violate one’s Fundamental Rights. Also, a lot of people don’t want to opt for it as they are not too sure if their biometric data (required for Aadhaar Card) will be secure with third party service providers. So the best way ahead will be priority-based adoption and gradual inclusion of the entire country. But how long it will take to reach that goal is anybody’s guess.

Do
You Need Aadhaar Card? Govt Says Yes, Supreme Court Says No

Once the legislation is passed and amendments are made to make way for the <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">Goods and Services Tax</a> (GST) regime, the <a href="http://www.businessinsider.in/searchresult.cms?query=information+technology&amp;sortorder=effectivedate">information technology</a> infrastructure will also get ready by April 1, 2017. 
 
As soon as GST becomes a law, testing of the software will likely start from October as a beta launch of the GST portal is planned for February. Prakash Kumar, CEO of <keyword id="1584984" type="UNKNOWN" weightage="20" keywordseo="Goods-and-Services-Tax-network">Goods and Services Tax Network</keyword> (GSTN), a not-for-profit entity owned by the Centre, states and non-government financial institutions, told ET, “It will be tested by a chosen group of tax professionals, officers and businesses.” 
 
The constitutional amendment Bill to dissolve all indirect taxes is listed for consideration in the Rajya Sabha. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=infosys&amp;sortorder=effectivedate">Infosys</a> has been tasked with developing and running GSTN in a project worth Rs 1,380 crore. 
 
The portal itself will be a one stop for filing and processing of all taxes for almost 65 to 70 lakh tax-payers in the country. 
 
"The idea is to make the portal very intuitive and user-friendly. Our aim is to make the entire process completely paperless and we are devising multiple ways to ensure that even the smallest of retailers can file their taxes online," Kumar told ET. 
 
Also, GSTN is in talks with SAP, Tally Solutions and <a href="http://www.businessinsider.in/searchresult.cms?query=clear+tax&amp;sortorder=effectivedate">ClearTax</a>, etc to help businesses in filing taxes through their own systems without having to log into the portal. 
 
"Today, one can file their income-tax returns through private tax portals without going to the department's website, we are aiming for a similar system," said Kumar. 
 
The portal, which is expected to be ready in month, will allow new businesses to register using their PAN and mobile number or Aadhaar number. All businesses will be given a GST identification number, which will be a 15-digit code, consisting of their state code and ten digit PAN. GSTN has already validated the PAN of 58 lakh businesses from the tax department. 
 
“The GST portal will be a front for the taxpayer where registration, return and payments will be filed. It will also provide helpdesk support. The technology at the backend will have the power to analyse data for trends on sales, tax filings etc. This will provide a lot of visibility into the trade happening in the country and help in policymaking," said Kumar.

Technology system that will facilitate GST is getting ready for the biggest tax reform

We had a discussion with Mr <keyword id="897115" type="UNKNOWN" weightage="60" keywordseo="Dippak-Khurana">Dippak Khurana</keyword>, CEO and Co-Founder <keyword id="1020574" type="UNKNOWN" weightage="100" keywordseo="vserv-mobi">Vserv.mobi</keyword> and he revealed some interesting facts about the Indian mobile ad network, how Vserv makes money and what new features did they introduce to the platform in 2013. 

	Most people know Vserv as a mobile advertising platform. Tell our readers something more about the company.

	Vserv.mobi is a global mobile advertising network for app developers, publishers, advertisers and telecom providers focused on emerging markets. Our business model enables content creators, mostly developers of mobile apps/games and mobile site publishers, to monetise their work. At the same time, advertisers can use these apps and games as an effective vehicle to reach their target customers. The company derives its core competitive advantage from our understanding of emerging markets and the unique challenges faced by the mobile ecosystem in these markets.
 

	Some of our critical differentiators include:

	Broadest platform support: Vserv.mobi is the only ad network with app media across smartphones, tablets and smart feature phones, thus providing advertisers unparalleled reach and engagement.
 

	Unique Go-To-Market strategy: Focus on emerging markets as the sweet spot, with revolutionary products that convert market challenges into opportunities.
 

	Product differentiators

	• AppWrapper: AppWrapper is the only app monetisation platform in the world that works with ‘one click’, without any coding required from content creators. It helps developers monetise using both premium ads and micro transaction models through a ‘maximum income with minimum effort’ approach.

	• AudiencePro: AudiencePro is a game-changing platform in mobile advertising that makes Vserv the first ad network in the world to enable an audience profiling layer on its inventory, via telco integration. The platform was created with the objective of enabling audience profiling in a scalable manner through telco integration and blending it with existing ad network parameters. The objective was to enable advertisers to target consumers in a granular fashion using demographics, spending power, network usage, location, content relevance and device-specific data.
 

	Today, we take great pride in being recognised as a company with an aggressive growth path, in addition to being evangelists and thought leaders of the mobile advertising industry.
 

	Can you explain how the monetising module at Vserv works? Plainly put, how does Vserv make money?

	Our business model is built around facilitating comprehensive monetisation, which includes both advertising and micro transactions. Here are the business models for our main revenue channels:
 

	Advertising: We partner with app developers and publishers to serve ads on their inventory. Advertisers looking to reach users on mobile, pay us for displaying ads on the apps and we share 60% of this revenue with the developers/publishers where these ads are served.
 

	Micro transaction: We partner with app developers and publishers to help them monetise their apps. A developer uses the AppWrapper to enable multiple types of pricing models and can plug in his choice of billing connectivity pipes (app store billing, direct telco billing, etc.).
 

	Users make micro-transactions on the app, such as pay per play or daily subscription, and the developer makes a revenue share with us on the EUP (end user price). We offer over 90% of the revenues generated from the user to the developer.
 

	What are the new features introduced in 2013? We introduced our AudiencePro platform this year, a platform that has redefined the way targeted advertising is done on the mobile medium. <keyword id="15491" type="COMPANY" weightage="40" keywordseo="Airtel">Airtel</keyword> evaluated our platform and partnered with us to become the first telco to deploy AudiencePro. 

	We also saw that mobile advertising, while being super targeted, still lacked the key targeting parameters (like demographics and spending power) required by brands. While this data exists with different entities across the ecosystem, it is fragmented and, therefore, unusable in a scalable manner. By bridging this gap, the AudiencePro platform has allowed mobile advertising to achieve its full potential in the emerging markets. It now operates as a mass media that offers unprecedented audience targeting.
 

	The platform allows advertiser targeting based on demographics, spending power, network usage, location, content relevance and device-specific data, to reach the right audience. The platform also supports all creative formats, including impactful rich media formats such as full screen ads, video and HTML5 interactive ads.
 

	Can you share a roadmap and what can we see from Vserv in the near future? Our goal is to become the #1 mobile ad network and app monetisation platform across the emerging markets. The company’s aim is to become a $100 million company by 2015. We are rapidly expanding our services across more countries in regions like <keyword id="48890" type="COUNTRY" weightage="40" keywordseo="Latin-America">Latin America</keyword>, <keyword id="1009187" type="UNKNOWN" weightage="40" keywordseo="the-middle">the Middle</keyword> East and Africa. We will continue to roll out innovative platforms and products that will help push the mobile ecosystem forward. 
	 
	
		Over the past three years, we have been steadfastly ramping up our technology innovation engine to solve the unmet challenges of global mobile app developers.
	 
	
		If you (Mr <keyword id="1914214" type="UNKNOWN" weightage="100" keywordseo="Dippak">Dippak</keyword> Khurana) want to develop an app independently, what concept will you choose? Will it be free or paid? And how will you promote it? Although the app <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword> is growing rapidly, there are a few areas like government services or healthcare that still have a lot of scope for innovative services, especially in the emerging markets. Basic government services covering passport processing, RTI, municipal corporations, Aadhaar cards, etc., need to be available on one centralised platform for easy access. A mobile app can play a very important role in collating, disseminating and accessing these services, thus helping people cut down on precious time. The app can be based on a ‘freemium’ model, promoted through mobile ads.

This Mobile Advertising Network Wants To Get To The Number 1 Spot And Aims To Become A US$100 Million Company By 2015

The internet has revolutionised our lives, offering convenience and connectivity at our fingertips. With the rapid adoption of digital payments in India, fraudsters have evolved their tactics, devising new scams to exploit the growing user base. Several <keyword id="20182215" type="General" weightage="20" keywordseo="online-scams" source="keywords">online scams</keyword> have been reported in India over the past few months, from the standard UPI refund scams to unbelievable scams such as the digital arrest scams. Here's a look at some prevalent online scams and how to protect yourself: <h2><keyword id="23629952" type="General" weightage="20" keywordseo="UPI-refund-scam" source="keywords">UPI refund scam</keyword></h2>UPI refund scam is one of the most common online scams these days. It involves a person sending the victim money and then claiming that it was accidentally sent. The scammer then asks the victim to refund the money, often using excuses such as emergency hospitalisations or other important expenses. If the victim refunds the money, the scammer then contacts their bank and reverses the initial transaction, resulting in the victim losing money. How to protect yourself from UPI refund scams: <ul><li>Do not resend the money if someone claims they have “accidentally” sent you money.</li><li>If you receive money from an unknown source, contact your bank immediately.</li><li>If someone says they have sent you money, ask them to contact their bank to get a refund.</li></ul><h2><keyword id="19939895" type="General" weightage="20" keywordseo="phishing-scams" source="keywords">Phishing scams</keyword></h2>Phishing scams have been around for a long time, but they have become more sophisticated in the digital age. Fraudsters often impersonate reputable companies, sending fake emails, messages, or even websites that look almost identical to the real ones. These messages typically contain a sense of urgency—such as a warning that your account is about to be blocked or that you've won a prize. Once you click on the link, you’re directed to a fake site that prompts you to enter your personal information, including login credentials and payment details. This data is then used to steal money or compromise your identity. How to protect yourself from phishing scams: <ul><li>Be sceptical of unexpected messages or emails, even if they seem to come from trusted sources.</li><li>Check the URLs of websites carefully. Scammers often use misspelt URLs that are designed to look legitimate.</li><li>Never share your personal or financial information without verifying the authenticity of the request.</li></ul><h2><keyword id="23629953" type="General" weightage="20" keywordseo="SIM-swap-scam" source="keywords">SIM Swap scam</keyword></h2>As the name suggests, a SIM swap scam basically involves the scammer getting access to your SIM, either with the help of someone at the mobile service provider or through other means. The scammer often convinces the network provider to activate a SIM card they possess, gaining control of the victim’s phone number. This allows the scammer to gain access to all calls and text messages that the victim may receive, which is important in this day and age where all accounts are linked to your phone number. Once the scammer gets access to the victim’s phone number, they use it to gain access to their bank account and steal money. How to protect yourself from SIM swap scam: <ul><li>If your SIM stops working, immediately inform the telecom operator.</li><li>Make use of a SIM lock, which prevents your SIM from being used on another smartphone without entering a password.</li><li>Avoid sharing personal information online, especially things which can make it easier to crack your passwords.</li><li>Keep track of your accounts and report any unauthorised transactions.</li></ul><h2><keyword id="20415709" type="General" weightage="20" keywordseo="online-shopping-scams" source="keywords">Online Shopping Scams</keyword></h2>Beware of fake online stores offering unbelievable deals. These websites might steal your payment information or deliver counterfeit or non-existent products. These websites often advertise unbelievable deals to lure in unsuspecting customers, either with the intention of stealing their data or selling substandard products. How to stay safe: <ul><li>Shop from reputable websites. Look for customer reviews and secure payment gateways.</li><li>Be cautious of prices that seem too good to be true.</li><li>Use a credit card for online purchases. It offers better fraud protection than a debit card.</li></ul><h2>The "Digital Arrest" scam</h2>In this chilling scam, fraudsters impersonate law enforcement officials. They may claim you're involved in illegal activities and threaten you with a "digital arrest" or legal action. To avoid this, they'll demand payment or personal information. Victims are often coerced into making payments via UPI or other digital means. The sense of urgency and fear of legal consequences often compels people to act without verifying the legitimacy of the claim. How to avoid: <ul><li>Know your rights: Law enforcement agencies will never demand payment or personal information over the phone or online. </li><li>Verify identities: If you receive such a call, hang up and directly contact the relevant authorities to verify the claim.</li></ul><h2><keyword id="23629954" type="General" weightage="20" keywordseo="KYC-scam" source="keywords">KYC scam</keyword></h2>With the increased demand for KYC (know your customer) updates across digital platforms, fraudsters are taking advantage by posing as bank or telecom representatives. They often claim that your account will be blocked if you don’t update your KYC details immediately. Victims are then asked to share their Aadhaar number, PAN, or other personal details via a fraudulent link or over a call. In some cases, they also ask users to complete the process through UPI apps, stealing money from their accounts during the process. How to avoid it: <ul><li>Banks and financial institutions never ask for personal details over a call, message, or link.</li><li>Always update KYC details through official channels, like the bank’s app or website.</li><li>If you receive a suspicious KYC request, report it to your bank’s customer service immediately.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-to-afcons-infrastructure-ipos-to-look-out-for-this-week/articleshow/114421377.cms">Waaree Energies to Afcons Infrastructure, IPOs to look out for this week</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a>

You Searched For "Aadhaar network" and got 13 results

Eight in ten new UPI users are coming from Bharat

Anagh Pal

LinkedIn introduces ID Verification feature for Indian users

IANS

Here are the most controversial data breaches of 2018 that affected Indian users

Aadhaar Gaining More Teeth, To Play Key Role In ‘Banking For All’

Sanghamitra Mandal

From Aadhaar cards to charging electric cars – Meet the Indian company that wants to do it all

Sanchita Dash

Nine years later, 80% of Indians are still not convinced the world’s largest biometric ID system is secure

Prabhjote Gill

Change your banks, not your account number, says RBI

BI India Bureau

UIDAI CEO confident about BHIM and Aadhaar Pay, says misuse not possible

BI India Bureau

Airtel takes a bite of the govt's big demonetization pie, becomes first payment bank to go live

Nazia Bijal

Do You Need Aadhaar Card? Govt Says Yes, Supreme Court Says No

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Technology system that will facilitate GST is getting ready for the biggest tax reform

BI India Bureau

This Mobile Advertising Network Wants To Get To The Number 1 Spot And Aims To Become A US$100 Million Company By 2015

Sulabh Puri

UPI refund to digital arrest scam, here are some online scams you need to be aware of

Sourabh Jain

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