Importance Of AADHAAR In Banking Sector

Basics of UID (AADHAR) :

i. It will be a randomly generated twelve digit number for every resident of India.Example:2653 8564 4663.

ii. The number will be unique, which means, no two residents will have the same number.

iii. No resident can have two numbers becauseAADHAAR is based on a combination ofstandard information like name, address, age and bio-metric information which is unique to every person.

iv. AADHAR will be used to prove identity not citizenship.

v. It will not be compulsory to get anAADHAAR number 

Importance Of AADHAR In Banking :

1.For opening online Bank Account and doing online transactions :

Starting from basic operations one can make use Aadhar card. In opening an online bank account the 12-digit number on aadhar card is enough. Many people fail to understand the significance of Aadhar Card and suffer in getting ID proof. Any online bookings using credit cards or debit cards there should an ID proof. At such times one can simply enter the 12-digit number of aadhar card. Whereas in dealing with other online transaction it will have a check on corruptions also . Hence if one knows the weight of Aadhar Card then he/she can easily complete their works.

2.For PF Transactions: This is a new rule imposed by government of India on aadhar card. Any salaried employees belonging to any organised sector must submit their aadhar number for acquiring the benefits of EPO

(Employment Provident Fund). Even if the individual do not have an aadhar ID, he/she is requested to submit their enrollment ID in order ensure that they do possess aadhar card.

This is one of the major reasons for knowing about the Application of UID.

3. It is used for getiing New mobile connections:The Department of telecommunication (DoT) has decided to make biometric verification mandatory for purchase of SIM cards throughout the country. This decision is for preventing the misuse of SIM card by the Anti Social activist .The documents required for the activation of the SIM card are such as driving license, passport or any other ID proof etc .But now the UID code is sufficient for its issuance .The idea behind this biometric authentication is to issue the SIM cards only to the trusted party i.e. the person with valid ID card and thus making it more secure.

4.Use of Aadhar Card for Voting: The Karnataka state government have imposed a new rule in election body. That is if the people do not have a Elector’s Photo ID Card (EPIC) or (sometimes called as Vote’s ID) can submit their Aadhaar card as identity proof for casting their votes .

5.Miscellaneous applications of Aadhar Card: Passport, pan card are the few other areas where Aadhar card comes into play. For applying these IDs one can use his aadhar ID number. Also for any online transactions one can make use of his ID number. Since Aadhaar number is used everywhere hence knowingabout UID and its Applications is essential.