wordpress blog stats
Connect with us

Hi, what are you looking for?

India Post Payments Bank will send money via Aadhaar sans bank account linking

India Post Payments Bank will be able to send and receive money through an Aadhaar and it won't matter if it will be linked to a bank account or not, reports the Economic Times. AP Singh, interim managing director and CEO of the newly formed payments bank, told the publication that the Aadhaar will be made a payment address which can work with or without a bank account linked to it. Singh, who was also a member of the Unique Identification Authority of India (UIDAI), also said that there was pilot with five banks which included the State Bank of India to test the model but the project did not take off due to the low penetration of broadband in the country and discomfort of mobile applications. Note that Singh's statement runs contrary to the Reserve Bank of India (RBI) stand. In a speech yesterday, R Gandhi, deputy governor of the RBI, was responding to why some non-bank entities cannot be allowed to keep accounts. "Our answer is simple. If you maintain “an account”, then you are a bank and you need a banking licence," he said. "When you keep the money of the public in “account”, you are a financial entity taking deposits and you must be public trustworthy and so be regulated as a deposit taking financial entity," he added. To be clear, India Post Payments Bank does have a payments bank licence from the RBI. However, the UIDAI does not have a banking licence and as such, the Aadhaar cannot…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

News

The newly launched partially open-sourced LLM Grok-1 can be commercially used but not trademarked.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ