- Why These Rural Women In Rajasthan Want Aadhaar: http://www.ndtv.com/india-news/why-these-rural-women-in-rajasthan-want-aadhaar-1686924
All rations, healthcare and welfare schemes by the state government are delivered through the Bhamashah card while the Aadhar’s UID number, linked to the beneficiary’s bank account, is used for online transfer of money for all central welfare schemes. These online transfers are, however, doing more than eliminating the middlemen. They are giving the poor, especially rural women, a sense of dignity and self-respect.
- Aadhaar can ease EPF withdrawals: http://www.livemint.com/Money/u9xjomUpIfJpoyeBki73xI/Aadhaar-can-ease-EPF-withdrawals.html
The Employees’ Provident Fund (EPF) Organisation now has a completely online process for withdrawals from your EPF corpus. … The new online system is expected to reduce the settlement time for claims from about 20 days at present to around 10 days.
- India’s ID system is reshaping ties between state and citizens: http://www.economist.com/news/asia/21720609-long-they-have-mobile-signal-indias-id-system-reshaping-ties-between-state-and-citizens
The 55-year-old housewife has no cash nor credit card, but no matter. By tapping in an identifying number and presenting her thumb one more time, Mrs Prajapati authorises a payment of 271 rupees ($4.20) straight from her bank account.
- Aadhaar scheme helped government save Rs 34,000 crore: Finance Secy: http://economictimes.indiatimes.com/news/economy/finance/dbt-leads-to-rs-34000-crore-savings-for-government-finmin/articleshow/57894751.cms
“There has been some palpable achievement in DBT…. Order of saving would be Rs 34,000 crore,” he said, adding that the DBT has already been implemented in 78 schemes. The finance secretary highlighted how Haryana has managed to interlink the kerosene and LPG subsidy beneficiaries through the Aadhaar and is now aiming to become kerosene free in April.
- Aadhaar helps lost mute boy find kin: http://timesofindia.indiatimes.com/india/aadhaar-helps-lost-mute-boy-find-kin/articleshow/58188237.cms
Had it not been for his Aadhar card enrolment, 12-year-old Sanjay Nagnath Yenkur would have never found his way back home in Maharashtra’s Latur district…. Sanjay was finally identified in January 2017 when a mandatory Aadhaar enrolment camp was organised in his school. Aakash’s registration could not go through. On checking the Aadhaar website, it came to light that his details duplicated, as he already had enrolled for an Aadhaaar card in 2011 under the name of Sanjay Nagnath Yenkur.
- Four financial inclusion schemes and one Aadhaar card: http://www.livemint.com/Money/juNRoNNgXrP6GItlB4yVlL/Four-financial-inclusion-schemes-and-one-Aadhaar-card.html
On 9 May, PM Modi launched three financial inclusion schemes that offer life cover, accident insurance and pension. These ride on the first Modi push—the Jan Dhan Yojana, under which 125 million bank accounts were opened by 31 January 2015. This, in turn, rides on the Aadhaar unique identity card. With more than 810 million unique identity numbers covering 67% of residents in India already issued, the base for a large-scale financial inclusion programme has been built.
- The Five-Minute Loan: How India Stack is Speeding Loans to Small Businesses: http://dalberg.com/blog/?p=4849
This revolution in access to credit was made possible through the digital infrastructure created by ‘India Stack’ – the set of powerful open and programmable capabilities that build on India’s digital ID program Aadhaar.
- Fino Paytech, NABARD will deploy 5k micro ATMs for rural banking: http://www.medianama.com/2017/04/223-fino-paytech-nabard/
Aadhaar payments on POS machines can be done on the Aadhaar Enabled Payment System (AEPS) protocol. The AEPS is a financial inclusion product developed by the NPCI which allows cash withdrawal, deposit, and funds transfer at Micro ATM through a business correspondent.
- Bharat Financial begins Aadhaar-based cashless loan disbursal: http://www.thehindubusinessline.com/money-and-banking/bharat-financial-inclusion-rolls-out-aadhaarbased-instant-cashless-loan-disbursal/article9554912.ece
In a first of its kind move in the micro-finance and financial-inclusion space, Bharat Financial Inclusion on Wednesday launched Aadhaar-based instant and cashless loan disbursal. It took less than seven minutes for 30-year-old Guddi Devi to apply and receive ₹29,565 loan for a new grocery shop she intends to set up. Bharat Financial has commenced national roll-out of the process beginning with loans to members of joint liability groups in this village, which is about 60 km from Jaipur.
- Loan approvals done in 7 minutes, not 7 days: http://economictimes.indiatimes.com/markets/stocks/news/loan-approvals-done-in-7-mins-not-7-days/articleshow/57323032.cms
The initiative will likely reduce transaction costs by about 70 basis points in two years for Bharat Financial that lends at 19.75% a year, the lowest rate in the microfinance industry.
- Aadhaar leads to greater financial inclusion, says survey: http://www.thehindubusinessline.com/economy/policy/aadhaar-leads-to-greater-financial-inclusion-says-survey/article9654289.ece
Better financial inclusion is being highlighted as the biggest benefit of the Aadhaar card, according to a survey. The survey was conducted with 800 respondents across 16 metro stations in New Delhi by Outline India, a primary research institution, and compiled under a report titled, ‘Aadhaar: It’s Not Black & White.’
- Fintech players tap technology to aid financial inclusion: http://www.moneycontrol.com/news/business/economy/fintech-players-tap-technology-to-aid-financial-inclusion-2258015.html
Financial inclusion is taking a step ahead with more fintech players using technology and big data to help smaller borrowers with zero digital footprint and no documentation gain access to formal channels of banking. Technology and data analytics have been put to good use by many fintech players such as Artoo, Innoviti, ArthImpact, FlexiLoans and others to explore the largely untapped market. Away from formal channels of banking, more than 50 percent of Indians in need of money do not get access to funding because they don’t have a borrowing history. But there is huge data availability and these fintech players are cashing in on the data using technology to give small credit.
- Use of Aadhaar to Help in Financial Inclusion: Raghuram Rajan: http://www.ndtv.com/india-news/use-of-aadhaar-to-help-in-financial-inclusion-radhuram-rajan-1232743
With an UIDAI number, a person will be able to open a bank account as it will work as an identification document and will help in easier access to loans, he added. “UID will ensure that people will not get multiple loans from different places. We can make sure that it does not happen. This is an example on how we can make more lending possible,” said Mr Rajan
- Rack ‘em and Stack ‘em: How public digital platforms are enabling financial inclusion in India: https://www.linkedin.com/pulse/rack-em-stack-how-public-digital-platforms-enabling-financial-kini
As the cost of distribution for a personal loan drops from $25 to 25 cents, the addressable market grows over 30 times from 3 million households (15 million people) to over a 100 million households (~600 million people)… Merchants received a small ticket size loans within minutes of completion of an application (as opposed to days or even weeks!) by using eKYC (for verification), eSign (for the loan agreement) and Aadhaar (for authentication).
- Soon, Aadhar card, mobile phone may be all you need for air travel: http://www.newsnation.in/india-news/soon-aadhar-card-mobile-phone-will-be-all-you-need-for-air-travel-article-169822.html
According to Sinha, under the initiative, there will be no need for any paper and the traveller will be securely identified through Aadhaar number, passport or other documents.