• KOLKATA: Coal India to spend Rs 1,000 crore on executives’ salary hikes this year...

  • |
  • New Delhi: NTPC close to buying out UP government’s 50 per cent equity in Meja power project...

  • |
  • New Delhi: Finance ministry to push through two more M&As among energy PSUs to meet selloff target. ..

  • |
  • Hong Kong . NRDC signs MoU with Hong Kong Trade Development Council for Strategic Relationship...

  • |
  • Kolkata: Director (HR), POSOCO Awarded with 'Women in Energy Sector - Excellence in HR Award'...

  • |
  • Singrauli. NCL to Host International Conference on Opencast Mining Technology and Sustainability. ..

  • |
  • New Delhi: Cabinet Approves Sale Of Government’s Stake In REC To PFC...

  • |

  • |
  • Vishakhapatnam: CMD, RINL, Awared with "Steelies India 2018” Award...

  • |
  • Odisha: Volley ball tournament at MCL HQ...

  • |

Supreme Court verdict on Aadhaar: Verification for investing, banking to get time-consuming and costlier. ET BANK NEWS


New Delhi: Mutual funds, insurance companies, banks and fintech companies will be badly affected by the Supreme Court verdict on Aadhaar. 
New buyers of mutual funds or insurance policies could start investing in a few minutes after online verification of Aadhaar. 
But after the Supreme Court disallowed private parties from obtaining Aadhaar, insurance companies, fund houses and distributors will have to revert to the old practice of physical verification. 
Banks and fintech companies will face the same problem when it comes to opening new accounts or disbursing loans. “There will be delays in loan approvals. With physical model, the credit facilitation may take more than three days as against 10-15 minutes in the online model,” says Manav Jeet, Managing Director and CEO of lending portal Rubique. 
Aadhaar no longer needed for :
Bank account
Credit card
Mutual fund investments
Insurance policy
NPS account
Mobile wallets
Telephone/mobile connections
But it is compulsory for : 
Filing tax returns
Driving licence
The judgement is yet to be analysed in detail so a lot of divergent views are already being floated. Some fintech companies believe that the verdict allows regulated entities, including banks, NBFCs and digital wallet companies to offer eKYC for individuals who voluntarily share their Aadhaar details. 

Posted Date :  01-10-18

Categories : BANK NEWS

Related NEWS