Linking Aadhaar with bank accounts can prevent fraud: UIDAI CEO

New Delhi: There has been a loss of $3 billion in the last one year due to fraud in the banking sector and the linking of bank accounts with Aadhaar can drastically reduce such frauds, A.B. Pandey, chief executive of the Unique Identification Authority of India ( UIDAI), said on Friday.
“There has been $3 billion loss in the last one year due to banking fraud. If every bank account was verified with Aadhaar then this would not have been possible. Every fraudster would try to take the money out from one account to another, but whichever is the beneficiary account if that account is verified with Aadhaar, it will be caught,” he said, while speaking at the fifth Global Conference on Cyber Space (GCCS).
Around 558 million bank accounts have already been linked with Aadhaar. The total number of bank accounts in the country as per estimates is around 1.1 billion, he added.
Various banks reported 4,851 cases of fraud involving about Rs 23,902 crore during 2016-17, the finance ministry told Parliament in July.
Even as the Supreme Court is still to give a final decision on a slew of petitions challenging the legal validity of Aadhaar on the grounds that it is an intrusion into a citizen’s fundamental right to privacy, the government is fast-tracking the process of seeding bank accounts with Aadhaar.
The Reserve Bank of India clarified on 21 October that linking of bank accounts with Aadhaar is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017. The deadline is 31 December.
Pandey said total savings in the last two-and-a-half years due to linking of Aadhaar in beneficiary databases is more than $10 billion.
“Once we link all government programmes with Aadhaar then we can save to the tune of $10 billion every year,” he added.
There are more than 1.18 billion Aadhaar card holders in the country. We are getting 40 million authentication requests every day, he said.
The total number of e-KYC transactions since inception is around 3.64 million and the total authentication transaction since inception is 13.2 billion, he said.
Pandey also said that during the last few months, more than 500 missing children have been identified through Aadhaar.
“When the child is found in any orphanage or some child home and we have a programme to get Aadhaar for every child. Then we find that the Aadhaar of the child has been made a few years ago,” he added.
Pandey reiterated that the Aadhaar database is “security proof” and it collects minimal data. He also assured that the database does not collect transaction data of bank accounts or SIM cards, property or income.
Link: 

Comments

Post a Comment

Popular posts from this blog

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017 arrested his
Read more

J&K Cricket Board Scam: Chargesheet Filed Against Farooq Abdullah, 3 Others By CBI

OUTLOOK July 16, 2018 The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah and three others. The CBI on Monday filed a chargesheet against former Jammu and Kashmir chief minister Farooq Abdullah and three others in a special court in Srinagar in connection with alleged irregularities and misappropriation of funds in the Jammu and Kashmir Cricket Association. After the fall of the Peoples Democratic Party (PDP) and the BJP government, this is the biggest development that has taken place in the state. The National Conference has not reacted to the chargesheet so far. The agency has levelled charges of criminal conspiracy and criminal breach of trust under the Ranbir Penal Code against Abdullah, the then president of JKCA, Md Saleem Khan - the then general secretary, Ahsan Ahmad Mirza - the then treasuer and Bashir Ahmad Misgar, an executive in the J&K Bank. The BCCI gave Rs 112 crore t
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav
Read more