• About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Saturday, February 4, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Child Marriage Assam

    Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

    Rana Ayyub

    Tom-Foolery Exposed: The Savage Science of Victimology

    Hydrogen trains

    Budget lights the fire for Indian Railways’ Hydrogen transformation

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Artificial Intelligence India

    Unlocking Artificial Intelligence Potential: India’s 2023 Budget and the Future

    new tax regime

    Budget 2023: Income Tax breakthrough for India’s middle class

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Defence budget India

    Modernization of Indian defence: Right trajectory but low velocity

    AK-203 rifles

    Amethi has started producing the dreaded AK 203 for India and the world

    HELINA and VSHROD

    Amidst build up on China and Pakistan border India gets HELINA and VSHROD

    K9-Vajra

    K9 VAJRA: The Made in India weapon that China fears

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Arindam Bagchi IWT

    India takes charge on Indus Water Treaty

    In the Presidential year of G20, they have waged an info war against India

    In the Presidential year of G20, they have waged an info war against India

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Ajit Doval Jake Sullivan

    The Quiet Revolution: India’s Diplomatic Success in Bringing Tech Transfer

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Ram V. Sutar

    The legacy of Ram V. Sutar: A gift from Bhagwan Vishwakarma

    Dilip Kumar Indira Gandhi

    When Dilip Kumar silenced Indira Gandhi

    Bhagwan Vishnu Bhavishya Badri

    Is Bhagwan Vishnu leaving Badrinath and shifting to Bhavishya Badri?

    Banjara community

    Banjaras are Sanatani and everything else about them is cropped up

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    S Balbir

    S Balbir: The Voice That Suddenly Went Silent

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sayaji Shinde

    Unrecognized in Bollywood, but Celebrated Everywhere Else: The Tale of Sayaji Shinde

    Anurag Kashyap

    Anurag Kashyap’s new facade: Bollywood’s left intelligentsia plans to befool the nationalist audience

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Child Marriage Assam

    Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

    Rana Ayyub

    Tom-Foolery Exposed: The Savage Science of Victimology

    Hydrogen trains

    Budget lights the fire for Indian Railways’ Hydrogen transformation

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    The disintegration of BYJU’s has just begun

    The disintegration of BYJU’s has just begun

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Budget 2023’s Delicate Dance: Balancing Fiscal, Populism and the Public Interest

    Artificial Intelligence India

    Unlocking Artificial Intelligence Potential: India’s 2023 Budget and the Future

    new tax regime

    Budget 2023: Income Tax breakthrough for India’s middle class

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Defence budget India

    Modernization of Indian defence: Right trajectory but low velocity

    AK-203 rifles

    Amethi has started producing the dreaded AK 203 for India and the world

    HELINA and VSHROD

    Amidst build up on China and Pakistan border India gets HELINA and VSHROD

    K9-Vajra

    K9 VAJRA: The Made in India weapon that China fears

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Arindam Bagchi IWT

    India takes charge on Indus Water Treaty

    In the Presidential year of G20, they have waged an info war against India

    In the Presidential year of G20, they have waged an info war against India

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Macron-Modi-Biden: France gives India an edge in dealing with the USA

    Ajit Doval Jake Sullivan

    The Quiet Revolution: India’s Diplomatic Success in Bringing Tech Transfer

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Ram V. Sutar

    The legacy of Ram V. Sutar: A gift from Bhagwan Vishwakarma

    Dilip Kumar Indira Gandhi

    When Dilip Kumar silenced Indira Gandhi

    Bhagwan Vishnu Bhavishya Badri

    Is Bhagwan Vishnu leaving Badrinath and shifting to Bhavishya Badri?

    Banjara community

    Banjaras are Sanatani and everything else about them is cropped up

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    S Balbir

    S Balbir: The Voice That Suddenly Went Silent

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sharad Kelkar: An underrated gem of Indian Cinema

    Sayaji Shinde

    Unrecognized in Bollywood, but Celebrated Everywhere Else: The Tale of Sayaji Shinde

    Anurag Kashyap

    Anurag Kashyap’s new facade: Bollywood’s left intelligentsia plans to befool the nationalist audience

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Economy » Government to provide relief to private companies, Aadhar can be used in KYC

Government to provide relief to private companies, Aadhar can be used in KYC

Amit Agrahari
by Amit Agrahari
19 December 2018
in Economy
0
Aadhar, KYC, Private Companies

PC: dailypost

1k
VIEWS
Share on FacebookShare on Twitter

Modi government has decided to amend the Telegraph Act and Prevention of Money Laundering Act (PMLA) to allow private entities like banks and commerce payment systems to use Aadhar as a ‘Know your customer’ (KYC) method. The amendments were cleared by the union cabinet on Monday. The amendments also have provisions for strict punishment for data breach and requirement of parental consent for access to a child’s biometric data. The amendment has provisions for extension of punishment for data breach from three years to ten years.

Earlier Finance Minister Arun Jaitley had suggested that a new legislation could be brought which would allow banks and telecommunication players to use Aadhar data. “Most of what Aaadhar does has been upheld by the court. What has not been upheld falls in two categories? The bulk of that has been struck down on two principles. One is the principle of proportionality,” said Arun Jaitley at the Hindustan Times leadership summit in October.

Supreme Court in its decision on Aadhar card ruled that the use of Aadhaar data by private companies as unconstitutional. These companies could no longer make Aadhaar identification compulsory for their products and services. But the amendment in the act will once again make the verification process easy for the companies.

Telecom companies and banks were not happy with the apex court’s ruling because Aadhaar has simplified customer verification to a great extent. According to bureaucrats, people need some kind of digital identity, “Digital identity is required across platforms. So it’s not a question of Aadhaar or mobiles alone. A lot of people, because they move to the digital mode, they need some form of digital identity. Now if it cannot be Aadhaar, what should it be. We have to evolve through this,” said Secretary, Department of Telecommunications (DoT) Aruna Sundararajan. 

The use of biometrics for identity verification has eased the process for all private and public companies. Before Aadhar was not there one needed to submit a photo, proof of Identity and proof of address along with other forms and requisite docs to open a saving account. To purchase a SIM card back in 2010, you had to submit a similar set of proof of identity, proof of address and photo to the Telecom Operator and even after that you had to wait for 1-2 days for the connection to be active. Post Aadhar, to open a bank account all you had to do is, walk into the bank with no documents whatsoever, and you could get a bank account opened within an hour or less by providing Aadhaar Number and the thumb impression.

The Supreme Court ruling was also a big blow to the bourgeoning fintech sector of the country. It is the e-KYC facility that has allowed fintech companies like Paytm, Jio, and Zerodha to reach new heights in customer acquisition and service delivery to consumers in a hassle-free way on their mobile devices at the comfort of their home. With the e-KYC, the cost of acquiring the customer and providing various services came down drastically. Today fintech is most innovative sectors and the cost of financial technology is among the lowest in the world only due to the blessing of Aadhar.

So, it was very important to bring a legislation that allows private companies to access to Aadhar data with strong safety measures. The amendment will do the same and will be helpful for the growth of banks, financial and technology sector of the country.

Tags: AadharkycModi governmentPrivate Players
Share500TweetSend
Previous Post

No outrage about Kamal Nath? Yes! Mayawati we are looking at you

Next Post

After ‘Smashing Brahminical Patriarchy’, Jack Dorsey gets an amulet to protect himself from ISIS

Amit Agrahari

Amit Agrahari

Engineering grad but Humanities and social sciences are my forte. Avid reader of religious Scriptures (Especially Hindu), Lord Shiva devotee

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Arindam Bagchi IWT

India takes charge on Indus Water Treaty

3 February 2023
The disintegration of BYJU’s has just begun

The disintegration of BYJU’s has just begun

3 February 2023
S Balbir

S Balbir: The Voice That Suddenly Went Silent

3 February 2023
Child Marriage Assam

Himanta Biswa Sarma Launches Crackdown on Child Marriage in Assam

3 February 2023

Popular This Week

Preity Zinta
Cinema

Preity Zinta – The woman who stood up to the underworld, but paid a heavy price for it

by Paurush Gupta
30 January 2023
Adani-Hindenburg row: Decoding the hidden agendas
Premium

Adani-Hindenburg row: Decoding the hidden agendas

by Abhishek Kumar Singh
29 January 2023
Govinda congress
Cinema

When Govinda started literally pleading in front of Sonia Gandhi

by TFIPOST News Desk
31 January 2023
The untold story of Swami Pranavananda
History

The untold story of Swami Pranavananda

by Abhishek Kumar Singh
29 January 2023
Reality of Bageshwar Dham
Analysis

The Bageshwar Dham: The Reality of Dhirendra Krishna Shastri

by Tejasvi Malhotra
31 October 2022

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost