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
Pension
Telephone/mobile connections
 
But it is compulsory for : 
 
PAN
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

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