State Bank of India (SBI) expects to collect Rs. 2,000 crore as penalty on savings bank accounts which have failed to maintain a minimum balance, a sum which may be used to partly cover the costs incurred on the linking of accounts with Aadhaar. The recent directive of the government to link all savings bank accounts with Aadhaar by December 31 was a “very costly affair” as lenders were already facing high costs in maintaining such accounts and complying with the KYC (know your customer) requirement, says SBI Managing Director Rajnish Kumar.
##FACTS The Court was considering a bail plea of a person who was booked under Section 14F of the Indian Foreigners Act. The person claimed that she is an Indian Citizen that the issuance of the Aadhaar card was in view of long residence of the petitioner in the country. ISSUES BEFORE THE COURT new passport rules which were announced by Minister of State for External Affairs VK Singh on December 23 where Aadhaar and E-Aadhaar with Date of Birth will now be considered as a valid identity proof.
In a bid to make poor and illiterate in the rural areas adopt to digital payments, the government is now giving Aadhaar Pay a push as it will ensure financial transactions by just using fingerprint. Aadhaar Pay is a merchant version of Aadhaar-enabled payment system(AEPS) and the government hopes that it will be an alternative for all online and card transactions which require password and PIN. It will facilitate merchants to take cashless payments from a customer as it will only require Aadhaar number, name of the bank (from where the money is to be deducted) and finger print for authentication.
The Supreme Court says the decision to sign up for an Aadhaar card is entirely up to citizens. But the reality is that the Aadhaar card has been pushed by the Centre and the Delhi government to such an extent that it is impossible to avail services without it. Disregarding the apex court order, the Centre over the past year has made it must for people to have an Aadhaar card to get LPG subsidy and for several other benefits and schemes.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split with regard to tax payers based on annual turnover. In a major breakthrough, the Centre and states today reached a consensus on sharing powers for control over tax payers under GST but the new indirect tax regime will now be rolled out from July 1 instead of previously planned April 1.
Delta ID launched its iris scanning technology for automotive at CES 2017. Delta ID collaborated with Gentex Corporation to demonstrate the use of iris scanning as a secure, reliable and convenient way to identify and authenticate the driver in a car, and as a way to elevate the security of automobiles during the driving experience. Delta ID and Gentex demonstrated a rearview mirror that scans the iris of the driver upon entering the vehicle and gets ready to drive.