NS Aadhaar issuing authority Unique Identification Authority of India (UIDAI) has recently reduced the cost of authentication by customers. In order to enable the institutions to take advantage of their infrastructure as well as make life easier for the people through their various services and benefits, the government body has reduced the rate from Rs 20 to Rs 3. Speaking at the Global Fintech Fest organized by NPCI-IAMAI, UIDAI CEO Saurabh Garg said the financial technology sector has immense potential to leverage Aadhaar.
During the incident, he was quoted as saying that he has reduced the rate per certification from Rs 20 to Rs 3, with the aim of ensuring that agencies and institutions can improve infrastructure more easily. be able to access from He said that the institutions should be able to harness the power of digital infrastructure created by the state which should be used to provide ease to the people to live life with dignity.
Till date, more than 99 crore eKYC processes have been done which have been done using the Aadhaar system. It should also be noted that earlier this month the UIDAI announced some changes under which cardholders who have not registered their mobile number can download their Aadhaar card from the institution’s website.
Garg said he thinks this will give fintech companies a more cost-effective and non-repudiable solution when they add new customers. He added that this is where the power lies and the KYC of Aadhaar provides a lifetime identity which is also reusable, which is the power of the Aadhaar system.
He further added that UIDAI does not share any biometrics with anyone and expects all its partners to maintain the same security and privacy as UIDAI.
Various government schemes and private service providers like PDS, NREGA, banks and telecom operators have adopted Aadhaar authentication for verification of their beneficiaries/customers. Authentication is generally done either at the time of distribution of benefits or by subscribing to the service.
Aadhaar Authentication Pricing: (Details from the circular as reported by Goodreturn)
The new rules framed by the UIDAI may be called the Aadhaar (Pricing of Aadhaar Authentication Services) Regulations, 2021 (No. 2021). The new charges for Aadhaar authentication services as per UIDAI are as follows:
(a) For Aadhaar authentication services, a fee of Rs. 3 (including applicable taxes) and Rs. 0.50 (inclusive of applicable taxes) for each successful Aadhaar e-KYC transaction and each successful Yes/No authentication transaction from the requesting entities respectively.
(b) on each failed but chargeable Aadhaar e-KYC transaction or Yes/No authentication transaction up to Rs. 0.50 (inclusive of applicable taxes) for such transactions from the requesting entities.
(c) Authentication transactions carried out by or on behalf of Central and State Government Ministries/Departments for transfer of notified services, benefits and subsidies shall be exempt from authentication transaction charges.
(d) The above charges shall be in addition to the license fee and financial incentives, as applicable.
(e) Transaction error code and its fee details will be issued separately.
(f) Authentication transaction fee (for both Aadhaar e-KYC and Yes/No transactions) as in regulation 2(1) above, to be revised every two years by linking it to the Consumer Price Index (CPI) and rounding it Will go to the nearest 10 paise.
Overall, this was a positive step by UIDAI to introduce greater inclusivity on its platform, which will further allow more people to participate and integrate with the Aadhaar system.
read all breaking news, breaking news And coronavirus news Here
.