The Unique Identification Authority of India (UIDAI) has suspended electronic know-your-customer facilities for several Indian banks and authentication agencies for not meeting the targets on enrolment and updating citizen information for its Aadhaar biometric database.
Last week, the authority suspended electronic customer verification services for 13 banks and Aadhaar authentication agencies (AUA) after it found that the targets were not met.
After receiving assurance from some banks, the authority restored the facility for ICICI Bank, IndusInd Bank, RBL Bank and IDBI Bank. The bank will take corrective measures to meet the missing targets soon, said sources from the banks.
The suspension was crucial for banks as it affected several financial services they offer that is linked to the authentication facility.
As per official statistics, 30-35 million Aadhaar enrolment and updating services are performed every day at banks and authentication agencies.
The banks that underwent suspension were very much short from the given target. As of now, the services of five out of these 13 banks have been restored and the restoration of eight others is subject to compliance.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
