Digital signatures, Aadhaar enabled e-KYC can encourage financial inclusion: NITI Aayog CEO

Suggests raising limits for different type of accounts

by Arjit Singh Bhambra

The central bank should promote for wider acceptance of digital signatures and the use of Aadhaar enabled electronic KYC verification for opening of bank accounts and various financial transactions in the country, according to NITI Aayog CEO Amitabh Kant. He added that this will further encourage digitisation of finance along with an increased access to lending. The CEO also suggested for the need to raise limits on Aadhaar enabled OTP based authentication for different types of account opening. For instance, the limit on savings account can be increased to Rs.1 million from the existing Rs.100,000 while the limit for loan accounts can be raised to Rs.600,000. He believes that this will curb the NPA menace by reducing the instances of forged documentations being used.

References
1. http://economictimes.indiatimes.com/news/economy/policy/niti-aayog-wants-more-push-to-digital-signatures-for-industry-use/articleshow/60482473.cms
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Consumer Sentiments Index
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All listed Companies
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All Companies
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Non-financial Companies
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