The Unique Identification Authority of India (UIDAI) has moved out a new framework to involve Cooperative Banks and permit them to deliver Aadhaar-based authentication services, giving a robust push to last-mile banking and digital presence, Ministry of Electronics & IT said in a release on Thursday.
The framework has been established in close discussion with the Ministry of Cooperation, NABARD, NPCI and cooperative banks. It will cover all 34 State Cooperative Banks (SCBs) and 352 District Central Cooperative Banks (DCCBs) across the country.
Simplified Aadhaar System Boosts Cooperative Banks
Under the new system, the procedure of adopting Aadhaar services has been made simpler and cost-effective. Only the State Cooperative Banks will be listed with UIDAI as Authentication User Agencies (AUA) and eKYC User Agencies (KUA). The DCCBs can impeccably use the Aadhaar authentication submission and IT infrastructure of their respective SCBs. This eliminates the need for DCCBs to maintain distinct IT systems, saving costs and ensuring smoother operations.
With this framework, cooperative banks will be able to impact Aadhaar-centric services to provide quicker, more secure, and hassle-free customer onboarding. Services such as biometric eKYC and face recognition will make account opening easier, particularly in rural and semi-urban regions. Customers will also benefit as subsidies and welfare payments can be directly credited into their cooperative bank accounts using Aadhaar.
Moreover, the framework empowers cooperative banks to spread their services like the Aadhaar Enabled Payment System (AePS) and the Aadhaar Payment Bridge, additional strengthening digital transactions and advancing financial inclusion in the cooperative sector. (Inputs from ANI)
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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