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In what is being regarded as a major milestone in <keyword id="6360789" type="ORGANIZATION" weightage="60" keywordseo="Modi-Government">Modi government</keyword>’s <keyword id="2412682" type="UNKNOWN" weightage="80" keywordseo="Digital-India-mission">Digital India mission</keyword>, bank accounts of 10 crore people have been linked with their <keyword id="144117" type="ORGANIZATION" weightage="80" keywordseo="AADHAAR">Aadhaar</keyword> card numbers. The move would allow these individuals to digitally receive government welfare subsidies and other payments in a hassle-free manner directly into their bank accounts. 
 
If the person moves to another part of India, they can access these subsidies as the facility is portable across any bank in the country. Till date, 333 banks are live on this platform. 
 
In order to link Aadhaar number to the bank account, one needs to provide a copy of their Aadhaar letter or their e-Aadhaar to the bank branch in which he/she holds the account. Once the account is seeded, it can be used by central government departments to transfer subsidies directly into this bank account. 
 
And just by dialling *99*99# on their mobile phones, residents can check status of the Aadhaar-Bank account linkage. To avail this facility, which is provided by National Payments Corporation of India (NPCI), you need to pay Rs 1.50 per enquiry. 
 
The Aadhaar identity platform is the largest biometric database in the world and serves users ranging from LPG consumers, MNREGA workers, PDS, remittance and scholarship beneficiaries, etc. – all using their Aadhaar number to avail benefits. 
 
Till December 9, 2014, nearly eight crore transactions have been carried out through the Aadhaar Payment Bridge for various welfare programs of the BJP government, which amounted to Rs 5,151.51crore. 
 
On Dec 12, 2014, issuance of Aadhaars crossed the Rs 72 crore-mark across the country. 
 The <keyword id="86474" type="ORGANIZATION" weightage="60" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> (<keyword id="6355252" type="CITY" weightage="60" keywordseo="UIDAI">UIDAI</keyword>), which has received national and international acclaim for the Aadhaar project, has also been declared as the best agency for “security in e-governance,” as per a press release available on Press Information Bureau. 
(Image: The Economic Times)

A Step Toward Digital India: 10 Crore Aadhaars Linked To Bank Accounts

New Delhi, Feb 27 () India Post Payments Bank (IPPB) has garnered over two crore customers in less than two years of being operational. According to a statement, IPPB had reached the landmark of one crore customers in August last year - its first year of operations. "The next 1 crore customers have been acquired and on-boarded in just five months. On an average, IPPB has been opening or maintaining a run rate of 33 lakh accounts per quarter," a statement said. The success of IPPB's business model underlines the government's intent in creating an interoperable banking infrastructure for the public good contributing toward changing the financial inclusion landscape in India, Communications Minister Ravi Shankar Prasad was quoted as saying in the statement. "Since its launch, IPPB has enabled more than 1.36 lakh post offices and 1.9 lakh dakiyas (postmen) to provide a complete suite of banking services at the doorstep of the customer providing access to any Aadhaar linked bank account, leading to an increase in rural banking infrastructure by almost 2.5 times," he added. With the launch of Aadhaar Enabled Payment System (AePS) Services in September 2019, IPPB has now become the single largest platform in the country for providing interoperable banking services to the customers of any bank, the statement said. With AePS services, any person with a bank account linked to Aadhaar can perform basic banking services such as cash withdrawals and balance enquiry irrespective of the bank they hold their account with. To avail these services, a customer with an Aadhaar-linked account can simply authenticate his or her identity with fingerprint scan and Aadhaar authentication to complete a transaction. The statement noted that IPPB has implemented one of the largest-ever digital financial literacy programme by investing over one crore man-hours in training and certifying more than 250,000 postal assistants, postmen and GDS as banking service providers. The bank has also digitised all the post office counters through a simple QR Code to accept electronic payments and also enabled direct payments into various post office saving schemes and purchase of postal products, it added. BEN SR SHWSHW

India Post Payments Bank crosses 2-cr customer mark

New Delhi, Feb 3 () As the date for linking PAN with Aadhaar has been extended by a year, the government has linked over 30 crore such numbers with the unique identification code, Minister of State for Finance Anurag Singh Thakur said in Parliament on Monday.
 The total permanent account numbers (PANs) which are linked with Aadhaar number as on January 27, 2020, is 30,75,02,824, Thakur informed the Lok Sabha.
 When asked if the government has extended the deadline period for Aadhaar-PAN linking, the minister responded in an affirmative "Yes sir".
 He said the due date for linking of PAN with Aadhaar has been further extended from December 31, 2019, to March 31, 2020.
 "As on January 27, 2020, a total of 17,58,03,617 PANs are not linked with Aadhaar. The extension of due date for linking of PAN with Aadhaar will benefit these PAN card holders as they get extra time to link their PANs with Aadhaar," Thakur said in Parliament.
 Also, to ensure that the sensitive data is not leaked by handling organisations, guidelines laid down by Unique Identification Authority of India (UIDAI) in this regard are being followed, he said.
 Appropriate measures have also been taken under provisions of Income-Tax Act, Information Technology Act and other applicable laws that the confidentially of data is maintained.
 On being asked if the government also proposes to link all property-related transactions with Aadhaar to curb benami property and bring transparency, he said the due date for linking of PAN with Aadhaar is March 31, 2020.
 "This measure will help to curb benami property and bring in transparency," Thakur said.
 He said, under the Income Tax (I-T) Act, a person is required to quote PAN in respect of any sale or purchase of immovable property for an amount exceeding Rs 10 lakh or valued by stamp valuation authority.
 In a separate query on PAN and bank account linking, the Finance Ministry informed the house that approximately 85 per cent of the current and savings accounts (CASA) are Aadhaar seeded as on January 24, 2020.
 Besides, as per data provided by the National Payments Corporation of India (NCPI), 59.15 crore RuPay cards have been issued by banks as on December 31, 2019. KPM ANS
ANS

Over 30 cr PANs linked with Aadhaar so far: Thakur

That’s good news for those who wish to see India as a developed nation, with its residents having unique identities so that they can be entitled to several benefits under welfare programmes by Central and State governments. 
 In the latest data accumulated yesterday, around 92% of India's adult population above 18 years now has valid <keyword id="587189" type="UNKNOWN" weightage="100" keywordseo="Aadhaar-numbers">Aadhaar numbers</keyword>, making it a significant landmark. 
 This achievement by <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>) means that now, a major part of India's adult population can access benefits through Aadhaar-linked bank accounts, which should significantly reduce leakages that happen because of ghost and duplicate identities. 
 As per the government's estimates, most social sector schemes suffer from suspect beneficiaries, amounting to 10-15% of the recipients. While subsidies offered by the Centre add up to around 3.5 lakh crore a year, use of <keyword id="546774" type="UNKNOWN" weightage="20" keywordseo="Aadhaar-cards">Aadhaar cards</keyword> can significantly reduce the risk of impersonation, saving 35,000-60,000 crore in all regions, annually. 
 
Banks are stressing on Aadhaar identities for quick verification because they are done with the biometric confirmations, which helps in the reduction of time and costs. Because these cards are linked to governments, banks can easily identify accounts that will receive government assistance so that loan seeker's financial status can be identified. 
 
In the past 6 years, the government has spent 7,100 crore in rolling out the ambitious scheme, which aims at providing every resident an unique identification number. 
 
The initiative was recently applauded by the World Bank, which estimated that it was saving the government about $1 billion (650 crore) annually. 
 
<a href="http://www.greencleanguide.com/wp-content/uploads/2012/01/uidai-card-issuance-procedures.jpg?w=300">Image source</a>

92 Out of 100 Indian adults have Aadhaar cards

In an aim to move towards cash less society, the government is coming up with an app that would do away with plastic cards and the point of sale machines. Scheduled to be launched tomorrow, this would eliminate the fees charged by card companies, which would eventually make merchants agree to switch completely to digital mode. 
 Merchants need to download the <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword> cashless merchant app on their smartphones connected to a biometric reader, which is currently available for Rs 2,000. The customer will then feed his or her Aadhar number into the app, select the bank through which the transaction will take place, and the biometric scan will work as a password for the transaction to be authenticated. "This app can be used by a person to make payments without any phone,'' Unique <keyword id="145005" type="ORGANIZATION" weightage="20" keywordseo="Identification-Authority-of-India">Identification Authority of India</keyword> (UIDAI) CEO <keyword id="1029687" type="PERSON" weightage="20" keywordseo="Ajay-Bhushan-Pandey">Ajay Bhushan Pandey</keyword> told ET. "Almost 40 crore Aadhaar numbers already stand linked to bank accounts - that is half the adults in India. The aim is to link all Aadhaar numbers with bank accounts by March, 2017." 
 "The settlement is done through the Aadhaar bridge, which means it connects a much wider set of people," <keyword id="6596800" type="PERSON" weightage="20" keywordseo="Rajiv-Lall">Rajiv Lall</keyword> MD &amp; CEO at <keyword id="62152" type="COMPANY" weightage="20" keywordseo="IDFC-Bank">IDFC Bank</keyword> told <keyword id="77091" type="COMPANY" weightage="20" keywordseo="The-Economic-Times">The Economic Times</keyword>."Anybody who has Aadhaar seeding done can make payments to merchants with this app. It wouldn't matter if the person does not have a credit or debit card, or even a mobile phone.'' The acceptance of point of sale terminals in the country has been slow with only 15 lakh terminals deployed by various banks. 
 <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> alone has deployed over 3 lakh terminals followed by <keyword id="6357149" type="CITY" weightage="20" keywordseo="HDFC-bank">HDFC Bank</keyword> and ICICI Bank.

Cashless made easy: Aadhar app for merchants to be launched tomorrow

With a voluntary enrolment of 92 crore people, the Aadhaar card is now the most widely held identification document in the country besides perhaps being the sole ID for many of its holders, including many families below the poverty line. 
 In comparison, 5.7 crore people have passports, 17 crore people <keyword id="61610" type="ORGANIZATION" weightage="80" keywordseo="pan">PAN</keyword> cards, 60 crore voter ID cards, 15 crore ration cards and 17.3 crore driving licences. 
 
Aadhaar has helped effect savings of Rs 2,600 crore by eliminating bogus claims in welfare schemes besides engendering greater transparency and consequently reducing corruption, reports from states and Union Territories show. 
 
It is also delivering benefits in progarmmes tailored for the poor like <keyword id="92538" type="ORGANIZATION" weightage="80" keywordseo="MNREGA">MNREGA</keyword> where 3 crore of 9 crore active workers have Aadhaar-linked bank accounts. One crore wage transactions have been remitted and the process has become more efficient and transparent with 87,000 banking correspondents providing village and neighbourhood-level micro ATM services. 
 

	Aadhar is particularly crucial for BPL families who are the primary beneficiaries of PMJDY and three pensions schemes run by the Centre — Atal Pension Yojana, PM Suraksha Bima Yojana and PM Jeevan Jyoti Bima Yojana --are linked to UID. The schemes, according to official sources, are intended to provide a wide coverage by way of insurance with small premiums, flagged by the government as a key policy goal. 
	 
	Image credit: Indiatimes

Aadhar card the most widely held identification document with enrolment of 92 crore people

The government of <keyword id="3658" type="B2BTAGS" weightage="40" keywordseo="india">India</keyword> has made it mandatory for financial institutions like banks, to verify and link <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="aadhaar">Aadhaar</keyword> of their customers with their accounts. According to a notification dated June 1, 2017, the deadline for doing this is December 31, 2017 and accounts where this is not done are to be made inoperable after this date. To comply banks are now asking customers to submit their Aadhaar to link the same with their accounts. However, even if you have submitted your Aadhaar details at your branch there is still a possibility that the linkage between the two was not done correctly by the bank or it may be that the bank has not linked Aadhaar with your account because they have misplaced your details. Here's a guide to check whether your Aadhaar has been linked with your bank account- 1. Visit the Aadhaar website - www.uidai.gov.in 2. Click on '<keyword id="4975886" type="ORGANIZATION" weightage="20" keywordseo="check-aadhaar-bank">Check Aadhaar &amp; Bank</keyword> Account Linking Status' 3. Enter your Aadhaar number and security code. Once submitted, an <keyword id="510437" type="ORGANIZATION" weightage="20" keywordseo="otp">OTP</keyword> will be sent to your mobile number registered in the Aadhaar database. 4. Enter the OTP and click on 'Login' 5. On successful login, the website shows whether your Aadhaar number is successfully mapped or not. Alternatively, you can also check this through your mobile. 1. Dial *99*99*1# 2. Enter your 12 digit Aadhaar number 3. Confirm that the digits entered by you is correct 4. On confirmation, it will show you the bank account linked with Aadhaar Points to remember 1. It will only show you the last bank account that has been linked with your Aadhaar. 2. If you have multiple bank accounts, you will have to check the status of the same with the bank. 3. You will be able to use this service only if your mobile number is linked to your Aadhaar.

Here's how you can check if your bank account is linked to Aadhaar

<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’

<keyword id="6355252" type="CITY" weightage="100" keywordseo="UIDAI">UIDAI</keyword>, the Unique Identification Authority of India, has assured that its biometrics data are completely secure. The announcement was made after some rumours cropped up last week about a possible breach in the biometric security of the <a href="http://www.businessinsider.in/Aadhaar-beats-even-the-FBIsdata-base-fair-and-square-becoming-the-worlds-largest-biometric-database/articleshow/47068353.cms">Aadhaar database</a>. 
 
The authority has said the reported breach was a one-off incident, in which an employee working with a bank's business correspondent's company made an attempt to misuse his own biometrics. The breach was detected by UIDAI internal security system and appropriate action was taken. 
 A police complaint has been filed against Axis Bank, business correspondent Suvidhaa Infoserve and e-sign provider <keyword id="1662229" type="UNKNOWN" weightage="100" keywordseo="eMudhra">eMudhra</keyword> for attempted unauthorised authentication and impersonation by illegally storing <keyword id="144117" type="ORGANIZATION" weightage="100" keywordseo="AADHAAR">Aadhaar</keyword> biometric data, said a release by UIDAI. 
 
 "Any unauthorised capture of iris or fingerprints or storage or replay of biometrics or their misuse is a criminal offence under the <a href="http://www.businessinsider.in/Centre-to-link-Aadhaar-with-NPR-chalks-out-a-budget-of-Rs-951-crore/articleshow/47877985.cms">Aadhaar</a> Act," it said. 
 
Also read: <a href="http://www.businessinsider.in/verify-drivers-and-domestic-helps-using-Aadhar-Cards/articleshow/50818292.cms">Verify your drivers and domestic helps using Aadhar Cards before hiring</a> 
 
"UIDAI uses one of world's most advanced encryption technologies in transmission and storage of data. As a result, during the last seven years, there has been no report of breach or leak of residents' data out of UIDAI," the statement claimed. 
 
Also read: <a href="http://www.businessinsider.in/Aadhaar-encryption-protects-privacy-will-take-eons-to-crack/articleshow/49348547.cms">Not easy to crack Aadhaar encryption code! Would require the most powerful computer to do that</a> 
 <keyword id="4256821" type="UNKNOWN" weightage="100" keywordseo="security-of-aadhaar">Security of Aadhaar</keyword> card is all the way more important now that a biometric-enabled payment system called Aadhaar Pay is about to be launched. 
 
Also read: <a href="http://www.businessinsider.in/A-Step-Toward-Digital-India-10-Crore-Aadhaars-Linked-To-Bank-Accounts/articleshow/45523974.cms">A Step Toward Digital India: 10 Crore Aadhaars Linked To Bank Accounts</a> 
 
(Image Source: Wikimedia)

Database completely secure, UIDAI assures

The income tax department has launched an online facility to correct errors in names and other details in permanent account number (PAN) and <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword> document, according to news agency <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>. Alongside the facility to link biometric identifier Aadhaar with PAN, the department has also put two separate hyperlinks on its e-filing website -- one to update changes in existing PAN data or for application of new PAN by an Indian or a foreign citizen. The second hyperlink is for individuals who want to update Aadhaar details by logging into 'Aadhaar Self Service Update Portal' using the unique identity number. The individual can then upload scanned documents as proof for data update request. Over 1.22 crore assessees already have Aadhaar-linked PAN but the number is abysmally low as there are over 25 crore PAN card holders in the country, while Aadhaar has been issued to 111 crore people. As per statistics with the tax department, only 6 crore people file income tax returns at present. <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, through an amendment to the <keyword id="123776" type="ORGANIZATION" weightage="20" keywordseo="Finance-Bill">Finance Bill</keyword> for 2017-18, had made Aadhaar mandatory for filing income tax returns and provided for linking of PAN with Aadhaar to curb tax evasion through use of multiple PAN cards. Last week, the income tax department launched a facility to enable a taxpayer to link his Aadhaar and PAN. It required a person to put in PAN and Aadhaar number along with his name as per the <keyword id="86474" type="ORGANIZATION" weightage="20" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> (UIDAI) data. After verification from the UIDAI, the linking will be confirmed. In case of any minor mismatch in Aadhaar name provided, Aadhaar OTP will be sent to the mobile number registered with the UIDAI. Additionally, the income tax department has now launched a facility to correct anomalies in PAN or Aadhaar document.

Now correct your names on Aadhar Cards and PAN Cards online

Soon, you will be able to withdraw <a href="http://www.businessinsider.in/searchresult.cms?query=provident+fund">PF</a> money online, without running from pillar to post. 
As the <a href="http://www.businessinsider.in/searchresult.cms?query=supreme+court">Supreme Court</a> extended voluntary use of <a href="http://www.businessinsider.in/searchresult.cms?query=aadhar">Aadhaar</a> card to government schemes, the Employees' <keyword id="45028" type="ORGANIZATION" weightage="20" keywordseo="Provident-Fund">Provident Fund</keyword> Organisation (<keyword id="6372438" type="ORGANIZATION" weightage="20" keywordseo="EPFO">EPFO</keyword>) is planning to launch online PF withdrawal facility by March end. 
 
With online facility, PF claims will be settled in three hours of receiving an application. 
 
"We have written to the Labour Ministry for approvals for starting an online PF withdrawal facility. We are hopeful of launching this by March end after yesterday's Supreme Court ruling," said Central Provident Fund Commissioner K K Jalan. 
 
"During this month, we will start settling all PF withdrawal claims having Aadhaar numbers within three days against the mandated period of 20 days though the claims will be filed manually only,” added Jalan. 
 EPFO has also become the registrar of the Unique Identification Authority of India (<keyword id="6355252" type="CITY" weightage="20" keywordseo="UIDAI">UIDAI</keyword>) for purpose of enrolment. 
 
But for the online facility, your Unique (portable PF) Account Numbers (UANs) should be seeded with Aadhaar numbers, including the bank account details. 
 
EPFO website claims that the authority has issued 5.6 crore <a href="http://www.businessinsider.in/searchresult.cms?query=UAN">UANs</a>, out of which 92.88 lakh subscribers have provided their Aadhaar numbers and 2.75 crore bank account details. 
 
EPFO has verified 64.67 lakh Aadhaar numbers and 1.9 crore banks accounts for seeding those with UANs. At present, there are 1.99 crore subscribers who have actually activated their UANs. 
 
(Image: Thinkstock)

PF withdrawal to go online! Settlement will be within 3 hours

New Delhi, Mar 16 () The Income Tax Department on Monday issued a public message saying it was "mandatory" to link PAN with Aadhaar and advised people not to "miss" the stipulated deadline of March 31. The department had last month said Permanent Account Number (PAN) will become "inoperative" if it is not linked with Aadhaar by this date. "Don't miss the deadline!" "It is mandatory to link your PAN and Aadhaar before 31st March, 2020. You can do it through Biometric Aadhaar authentication &amp; also by visiting the PAN service centers of NSDL and UTITSL," the department said in the latest post on social media. In a video, attached with the message on its Twitter handle @IncomeTaxIndia, it said such a linking is for a "beneficial tomorrow". The video described that there are two ways to complete this task: 1. Send SMS to 567678 or 56161 in the format: UIDPAN12digit Aadhaar&gt;10digitPAN&gt; 2. Through e-filing portal of the department: www.incometaxindiaefiling.gov.in. The Central Board of Direct Taxes (CBDT), that frames policy for the I-T department, had extended the deadline for this task for the eighth time on December 30 last year. The Supreme Court had in September 2019 declared the Centre's flagship Aadhaar scheme as constitutionally valid and held that the biometric ID would remain mandatory for the filing of tax returns and allotment of PAN. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and is eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities. Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India and PAN is a 10-digit alphanumeric number allotted by the I-T department to a person, firm or entity.As per official data updated till January 27, over 30.75 crore PANs have been linked to Aadhaar. At that time, 17.58 crore PANs were yet to be linked with the 12-digit biometric ID. The CBDT had also issued a notification amending I-T rules and inserted Rule 114AAA that stipulates the "manner of making permanent account number inoperative" for those who do not link the two by March 31.The notification said persons whose PANs become inoperative shall be liable for all the consequences under the I-T Act for not furnishing, intimating or quoting PAN.For those linking PAN with Aadhaar after March 31, 2020, the I-T department had said it shall "become operative from the date of intimation of Aadhaar number". NES NES SMNSMN

Don't miss Mar 31 deadline for linking PAN-Aadhaar: I-T Dept

If you have opened your bank, insurance or stock account between July 2014 and August 2015, you need to submit your Know Your Customer (<a href="http://www.businessinsider.in/politics/policy/Forget-KYC-rigmarole-Soon-all-your-records-will-be-stored-in-the-central-registry/articleshow/48326774.cms">KYC</a>) details and <a href="http://www.businessinsider.in/small-business/finance/6-things-for-which-Aadhaar-card-is-mandatory-now/articleshow/57791987.cms">Aadhaar cards </a>by April 30. The tax department has also mandated self-certification of these documents to comply with <keyword id="4407020" type="UNKNOWN" weightage="100" keywordseo="FATCA-regulations">FATCA regulations</keyword> (Foreign Tax Compliance Act), failing to which the accounts can be blocked. 
 
Also read: <a href="http://www.businessinsider.in/systems-reject-matching-pan-cards-initials-with-aadhaar-database/articleshow/58042483.cms">Systems reject matching PAN cards initials with Aadhaar database</a> 
 
The accounts will become operational only after submission of required documents. The new law applies to all accounts that fall under the umbrella of FATCA regulations. 
 
As per the <a href="http://www.businessinsider.in/thelife/real-estate/no-clarity-about-new-protocol-forcing-US-NRIs-to-sell-off-investment-properties-in-India/articleshow/50230528.cms">FATCA </a>pact signed by India and the United States, banks and financial institutions were asked to obtain this self-certification for all individual and entity accounts that were opened between July 1, 2014 and August 31, 2015. 
 
It was in July 2015 that India and the US had signed a <a href="http://www.businessinsider.in/finance/keep-your-aadhaar-number-ready-while-filing-income-tax-return/articleshow/57777330.cms">tax information </a>sharing agreement under a new US law, FATCA. This was done with plans to boost efforts for automatic exchange of financial information between the two nations so that tax evaders can be caught. 
 
Also read: <a href="http://www.businessinsider.in/Government-to-take-strict-steps-to-eradicate-black-money-menace-from-its-root/articleshow/47803178.cms">Government to take strict steps to eradicate black money menace from its root</a> 
 
(Image source SA Post)

Linking Aadhaar cards to bank accounts mandatory, says I-T department

(Image Credit- IANS) <ul><li>India will modify the Telegraph Act and the Prevention of Money Laundering Act (PMLA) that will allow people to link their <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword> with their bank account and mobile number voluntarily. </li><li>A proposal from India’s Ministry of Electronics and Information Technology has received the approval from PM Narendra Modi. </li><li>Through a ‘virtual’ ID, private companies--banks and telecom companies-- will be able to access the biometric data. </li></ul>Just months after India’s Supreme Court prohibited private companies from asking customers their Aadhaar data for authentication, the Indian government has approved changes in two key laws that will make legal the voluntary submission of Aadhaar. The Indian government is amending the Telegraph Act and the Prevention of Money Laundering Act (PMLA), to include Aadhaar in the e-KYC options under the Telegraph Act. Similarly, it will allow people to link their Aadhaar and bank accounts for KYC, but on a voluntary basis under the PMLA act. The Ministry of Electronics and Information Technology had recently floated a proposal to recognize a “virtual ID” so people will not have to disclose their original Aadhaar number. The authentication through Aadhaar will be permissible for mobile phone SIM cards and obtaining new bank accounts, IANS reported citing a government source. “But this shall not be the only option. Apart from Aadhaar KYC, passport and any other document the government may notify can also be used," said the source. Earlier this year, the Supreme Court of India revoked the rights of all private companies to access Aadhaar database for authentication. The order to de-link the Aadhaar database from e-KYC came as a major setback for telecom operators and banks in India that had come to rely on Aadhaar data to fulfill regulatory requirements such as “Know Your Customer” and increasing their customer acquisition costs. The proposed amendments are aimed at providing the necessary legal safety that will help the government to detect cases of money laundering, ET reported citing government officials. India has also decided to give a parallel platform for digital authentication which has been named as "offline verification" through which authentication can be done by using QR code. In addition, children’s Aadhaar data use will require parental consent. Since the Supreme Court ban, the number of Aadhaar-related authentications fell by nearly a third to 824 million in November compared to March this year. Additionally, Aadhaar-based authentication through e-KYC —using fingerprints or iris —fell by nearly half to nearly 154 million in November from 370 million in March, Economic Times <a href="https://www.businessinsider.in/indias-unique-identification-program-aadhaar-sees-a-big-drop-in-authentication-use-after-supreme-court-verdict/articleshow/66931607.cms">reported</a>. With IANS inputs See also: <a href="https://www.businessinsider.in/indias-unique-identification-program-aadhaar-sees-a-big-drop-in-authentication-use-after-supreme-court-verdict/articleshow/66931607.cms">India’s unique identification program Aadhaar sees a big drop in ‘authentication’ use after Supreme Court verdict</a> <a href="https://www.businessinsider.in/the-aadhaar-id-programme-is-here-to-stay-but-with-some-modifications/articleshow/65961826.cms">The Aadhaar ID programme is here to stay but with some modifications</a>

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Linking Aadhaar cards to bank accounts mandatory, says I-T department

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