Top News
Aadhaar can reduce digital transaction cost to almost nil: NITI Aayog
New Delhi, Sep 13 (IANS) The cost of digital transactions could be reduced to almost zero if payments were made through Aadhaar Card, NITI Aayog CEO Amitabh Kant said on Wednesday.
“Mobile telephony with Aadhaar, when it is linked with bank account… Aadhaar to Aadhaar transactions, like with BHIM app, the cost of transaction is zero,” Kant said during a panel discussion at a conclave on financial inclusion organised here by the United Nations India chapter.
Aadhaar payment could reduce the transaction cost greatly compared with card payments, the National Institution for Transforming India (NITI) Aayog official said.
Transaction cost on payments made by credit cards stand at 3.5 per cent while payments through debit cards attract 1.25-1.50 per cent transaction charges.
Ashok Pal Singh, CEO, India Post Payment Bank, said that along with simplification of digital payment, the challenge was to make it affordable as well.
“The challenge is how do we make Rs 10 digital payment viable. Aadhaar authentication cost is very reasonable. Payment transaction using Aadhaar should be able to cost the same… almost zero,” Singh said.
“India Post Payments Bank envisions the conversion of every Aadhar Card into a payment account. It was established to ensure financial inclusion,” he added.
R.S. Sharma, Chairperson, Telecom Regulatory Authority of India, said the removal of transaction costs could really push up digital payments.
“All transactions based on Aadhaar Card will enable a customer have credit history which will help under-served to avail of loans,” Sharma said.
He said India has an advantage as no other country has the kind of digital infrastructure it has.
“If we are not using the technology we are losing out on the opportunity,” he added.
Talking on the issue of data security of Aadhaar Cards, Sharma said mobile phones gave out much more private data to corporate firms.
“Mobile phone is more dangerous than Aadhaar. It emits so much meta data like location etc, which is given out to companies and not the government. This data is huge. There are issues of data ownership in mobile phone sector. Security is important. Sooner this issue is tackled the better it is,” he said.
Unique Identification Authority of IndiaA (UIDAI) CEO Ajay Bhushan Pandey said that people should not fear threat to privacy as Aadhaar was a secure way of providing identification along with strong safeguards.
As many as 117 crore people were already enrolled for Aadhaar Cards and four lakh people were being added each day, he said.
“With the infrastructure, digital payment transactions hold great scope for India to leapfrog into the new realm,” Pandey said.
The government has kept a deadline of December 31 for all bank accounts to be linked to Aadhaar. It has also been mandated to link all mobile numbers with Aadhaar by February 2018.
The Supreme Court on August 24 had declared the Right to Privacy as a Fundamental Right guaranteed by the Indian Constitution, a ruling that could have a bearing on the case related to Aadhaar that has been made mandatory for various services.
Aadhaar number would thus have to stand the test of constitutionality as the Supreme Court’s decision on the legislation is pending.
The Aadhaar (Targeted Delivery of Financial and other Subsidies, Benefits and Services) Act, which aims to provide legal backing to the Aadhaar unique identification number project, was passed in 2016 by Parliament.
–IANS
mm/tsb/dg
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
