'It has also saved the government about $ 9 billion in fraud and wastage because by having that unique number you eliminate fakes and duplicates from your beneficiary and employee list,' Nilekani said at an event on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Now that you have already downloaded mobile wallets and all set to go cashless/digital with your payments to the local grocer, cabbie, maid, etc, here's what you must watch out for, says Tripti Rai.
Digitisation is changing the banking business. This shift has resulted in a change in banking job profiles.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
Credit Vidya helps lenders assess credit and fraud risk for thin-file and new-to-credit customers.
After the NHB asked housing finance cos to desist from offering interest subvention schemes, disbursement of loans are likely to get delayed, points out Tinesh Bhasin.
The number of cyber crimes in India could touch 3,00,000 in 2015
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
'Completely disregarding ground reports of starvation deaths owing to Aadhaar and potentially disguising these deaths to look like accidents appears brutal,' says Rajendran Narayanan.
Cos ask US treasury to discuss data localisation norms with Indian officials at all platforms the two countries would meet, including G-20, US-India Strategic Dialogue, and IMF Annual Meet.
Tamal Bandyopadhyay details HDFC Bank's digital journey.
India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 per cent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
Lenders get a clear idea about your financial health, risk profile and personality trait
Don't share information over phone with anyone. Use only official apps. Keep Aadhaar locked unless needed.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
Central bank raises red flag, warns of potential risk
Bitcoin currently trades at a price of $400 a unit, as against lofty highs of $1,200 early this year
'The RBI is not releasing Rs 2,000 notes for the last 10 days; probably they have stopped printing it.'
Look carefully at any ad or pop up that tempts or attracts you with freebies and offers etc. It could be a scam, warns Niranjankumar Upadhye.
In refusing to accept its failure, the government has sowed the seeds of further damage: by keeping India short of cash; reducing the headroom for responses to seasonal spikes in cash demand; and increasing the chances that groups will panic at temporary cash shortages, says Mihir Sharma.
The blockchain, the public ledger that tracks every bitcoin transaction, is changing commerce as we know it, says Devangshu Datta.
Going to the bank and using your passbook to find out your bank balance while still available and widely used, technological innovations have brought your bank at your fingertips.
Vodafone's Kisan Mitra will provide a spectrum of services for India's small farmers, simple mobile service interventions that can increase a farmer's income by Rs 8,000 per year.
It's not e-retailers alone. Bankers are also celebrating initiatives like 'Big Billion Day Sale' this festive season.
The Silverstone-based team have finished fourth for the past two years
With cyber criminals becoming savvier by the day, learning how to safeguard yourself is imperative.
'Malicious files can silently sit in your phone and relay data to hackers without your knowledge.'
Health insurance has almost 23 per cent market share in the general insurance space.
A drunken conversation tipped off Thane Crime Branch detectives to the unprecedented scam targeting unsuspecting Americans from call centres in Thane.
While Visa and Mastercard slug it out for leadership, analysts say RuPay has the potential to cause disruption and eat into their market share.
The biggest surprise for customers, at the time of claiming, is the fact that they will get only depreciated value of the product.
Be extra careful while using credit cards because there is a risk of misuse
The much-awaited event is finally over. And here is what you need to know about it!
Who will make the most of the disruptions of 2016 this year? Mihir Sharma's list of probables.
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
