Monthly Archives: December 2018

India’s fintech companies struggle for an alternative to Aadhaar

Imagine driving steadily on a hilly road and suddenly having to brake hard as a landslide blocks the path ahead, leaving the journey incomplete and the destination elusive. This gives a sense of the state India’s financial technology or fintech industry found itself in after the Supreme Court’s Aadhaar judgement. The apex court’s September 26 […]

eSigns latest victim of SC’s aadhaar verdict, fintech firms may take a hit

BENGALURU: The Supreme Court’s judgement on Aadhaar has got another victim. Electronic signatures, used by consumers to sign legal documents digitally, could stop soon, causing massive disruption in the financial services space, said industry executives. After electronic Know Your Customer (e-KYC) and electronic NACH (National Automated Clearing House) mandates for customer verification, electronic signatures (eSigns) […]

NITI Aayog wants more push to digital signatures for industry use

MUMBAI: To promote further digitisation of finance and increase access of the unbanked to formal lending, the Reserve Bank of India needs to push for wider adoption of Aadhaar enabled electronic KYC verification for account opening and verification of transactions said Amitabh Kant, chief executive officer of NITI Aayog the premier think tank of the […]

Digital-signature requirement tests Mumbai goldsmiths’ skills

MUMBAI: They can work intricate designs in gold but a digital signature–mandatory for GST compliance–is beyond the capabilities of Mumbai’s many goldsmiths. In south Mumbai’s Zaveri Bazaar, which handled 65% of the country’s gold trade till a decade ago, the chief concern now is to make the artisans GST-compliant. “These workers are highly skilled but […]

Bidders allege lack of neutrality in tendering platform, conflict of interest

New Delhi: Three companies including SiemensNSE 2.69 % and Karvy Data Management Services have written to the Indian Railways alleging that the tendering platform being used to invite bids for the national transporter’s CCTV installation project is not neutral and that there is a conflict of interest in the bidding process. The project, announced by […]

Government, RBI in talks to allow use of QR code-based ‘offline Aadhaar’

NEW DELHI: In the wake of the Supreme Court order on Aadhaar, the government and the Reserve Bank of India (RBI) are in talks to allow use of ‘offline Aadhaar’ that relies on QR codes, instead of the biometric eKYC, for opening bank accounts, operating payment wallets and purchasing insurance covers. The move is significant […]

China looks to boost agricultural exports to India: Xi Jinping

MUMBAI: China was looking to boost agricultural exports to India while increasing imports of rapeseed and soymeal, President Xi Jinping told Indian Prime Minister Narendra Modi on the sidelines of a G20 meeting on Friday. Xi also indicated greater trade in the pharmaceuticals sector between China and India, foreign secretary Vijay Gokhale, who was travelling […]