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Aadhar link for all savings accounts

aadhar

New Delhi: In a major move to boost cashless drive in the country following massive demonetization issue, the government has decided to link all savings bank accounts with the Aadhar numbers.

Sources said, the move would be very beneficial for those who don’t have a mobile phone. With their number estimated at 30 crore, the move would enable to track black money and cash hoarding.

The decision was approved by Prime Minister Narendra Modi and now it has been handed over to Finance Minister Arun Jaitley and Information Technology minister Ravi Shankar Prasad.

Sources said out of 112 crore estimated bank accounts only 40 crore are linked with Aadhar.

The move is aimed at enabling digital transactions even when one does not have a mobile phone since all that is needed is a device supporting Aadhar and biometrics at retail points. Payment can be made by logging into account through the biometric link.

Since the move generally aims at mostly rural areas where telecom and mobile density is low below that the standard marks such a step would benefit the larger group of people. The higher the linkages with the Aadhar number, the more we have in terms of seamless digital transactions which only boosts the Digital India campaign.

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