UIDAI and PSBs will together design financial products
February 10, 2011 at 2:34 pm | Posted in Additional business, Infrastructure, Process | Comments Off on UIDAI and PSBs will together design financial products| UIDAI and PSBs will together design financial products |
| By Ankit Sharma |
| Unique Identification Authority of India (UIDAI) is planning to join hands with public sector banks in creating financial products suited to ‘Aadhaar’. The information was given by VS Bhaskar, deputy director general of UIDAI.
“We are currently weighing this option and would sign memoranda of understanding (MoUs) with banks at an appropriate time to implement the same,” he said. State Bank of Hyderabad is the recent bank to have tied up with UIDAI as its registrar. As per the agreement, the bank will take forward UIDAI’s enrollment process through its 1200 branches which are present across 14 states and 2 union territories. The bank has also been given the responsibility of implementing smart card project for EBT (electronic benefits transfer) payments across 5 districts of Andhra Pradesh where it majorly operates. The service will start from the coming month. As per the financial inclusion plan is concerned, MD of the bank, Renu Challu said that the bank would be encompassing 318 villages in Andhra Pradesh and Karnataka thereby engulfing 1.4 million population in the first phase of the project which is aimed to be completed in March 2011. “In Phase II, we will be covering the remaining 750 villages with a population of 3.13 million. This would be completed by March 2012. Implementation of the total financial inclusion plan will be through kiosk and point-of-sale model, facilitating both enrolment and operations,” she added. “Of the total 1.3 million beneficiaries, we have so far issued 900,000 biometric smart cards — which also have a provision for UIDAI — as part of the financial inclusion plan. Whether we can use the same card for UIDAI that has to be looked at, going forward,” she said. |
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