ECONOMY :Benefits of E-Verification of AADHAR


 

·         E-verification of AADHAR card can be done by the public sector bodies only .

·         Earlier under Section 57 of the AADHAR Act private companies were allowed to use AADHAR for verification purpose.

·         The Supreme Court of India has struck down Section 57 of the AADHAR Act.

·         Fintech companies have demanded clarification from the government for allowing regulated entities such as banks and non-banking financial companies to use AADHAR for eKYC in case of voluntary submission by customers.

·         Fintech Companies are highly dependent on AADHAR based e-verification.

·         The physical verification or paper based verification is very costly as compared to e-verification.

·         AADHAR based e-KYC provides the companies the options to extend credit , offer savings and investment products and insurance.

·         E-KYC saves loan disbursement costs and time.

 

 

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