Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: No rating
Article rating: 4.0
Article rating: No rating
Article rating: 4.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

Extend Aadhaar linkage deadline post PNB scam, says Assocham

Author: IANS/Monday, March 5, 2018/Categories: Government

Extend Aadhaar linkage deadline post PNB scam, says Assocham

New Delhi, March 4 - The deadline for linking Aadhaar with all customer bank accounts by March 31, 2018, should be extended in view of the disruption to the banking system on account of the Rs 12,600 crore fraud on state-run Punjab National Bank (PNB) by accused diamantaire Nirav Modi, industry chamber Assocham urged on March 4.

Besides, customers face deadline pressure also from payment gateways companies, which may also cause a lot of disruption in the run-up to the deadline, the Associated Chambers of Commerce and Industry of India (Assocham) said in a statement here. 

"Following unearthing of alleged frauds in PNB and a few other banks, the public sector banks (PSBs) are anyway fire-fighting to protect their core business and are hard pressed for human and other resources, to take up the job of Aadhaar linkage. Should we not give them more time?" it said. 

"Besides, the customers are also facing deadline pressure not only from the banks but also from payment gateways companies, which may also see a lot of disruption in the run-up to the deadline."

Noting that the economy has just about come out of the impact of the "vastly structural jerks" of demonetisation and the Goods and Services Tax (GST), Assocham said the country is not ready for another challenge by way of "any bank account becoming inoperative after March 31."

"As of now, even those having submitted Aadhaar details are getting KYC (Know Your Customer) reminders," it said. 

"There is a lot of confusion which may lead to further problems as we approach the deadline. Banking and online operations, including the trading by retail stock investors, are the lifeline of the economy which is set to march ahead in the next fiscal. Thus we need to tread very cautiously," said Assocham Secretary General D S Rawat.

The industry body said the PSBs are smarting under the alleged frauds running into thousands of crores of rupees even as the pressure of non-performing assets (NPAs), or bad loans, is increasing by the day. 

"It is best advised that the banks be allowed to come out of the crisis-like situation before they are given the additional task of Aadhaar seeding to customer accounts," it added. 

Besides PNB, several other government-owned banks, including Bank of Baroda, Oriental Bank of Commerce and Corporation Bank, have reported fraud in recent times.

Print Rate this article:
No rating

Number of views (121)/Comments (0)

Kavita Giridhar Mallya

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free