Aadhaar’s Biggest Change Proposed By Govt: Fully Voluntary; Upto Rs 1 Crore, Rs 10 Lakh/day Fine For Abusing Aadhaar

The Government of India has brought about two new changes in the Aadhar biometric programme, and a bill has also been passed. There will be a lot of changes in the rules of Aadhar, and it won’t be mandatory anymore.

On the other hand, mobile wallets have reached out to the RBI requesting it to bring about a 

What changes does the new bill suggest in Aadhar? Will the video KYC work for mobile wallets? Read on and find out!

New Bill Passed For Aadhar: What Are The Changes?

Here’s a list of changes that will be incorporated in the Aadhaar rules as per the new bill:

  • Aadhar Card will no more be compulsory, instead, it will be optional. If someone wishes to buy a new phone connection or open an account in a bank, the Aadhaar card is not compulsory for verification. But if someone wishes to verify with the help of an Aadhar card, they are free to do so.
  • If any third party is caught violating these rules, they will be imposed with heavy fines on the defaulter. The bill is inclusive of a civil penalty of Rs. 1 crore and Rs. 10 lakh per day if uncorrected.
  • Young adults who are turning 18 will be free to choose if they want an Aadhar card or not.
  • A new system, similar to OTP, will be introduced soon to protect user’s data, including their Aadhaar number during verification. Aadhaar will produce a virtual number during the process of verification.
  • The bill also plans to set up an organization, which will be called the Unique Identification Authority of India Fund, which will have the power to regulate similar to that of the UIDAI.
  • As per the new bill, citizens cannot be denied service if they don’t want to go through the Aadhaar authentication.

Mobile Wallet Companies Request Video KYC

Mobile wallet companies are now in a hurry to get their KYC (Know Your Customer) updated before the last date set by the RBI (Reserve Bank of India), which is August 31, 2019.

The mobile companies have no other alternative than physically collecting documents from customers for completing the KYC process, which is also heavy on the pockets, as the cost of each customer will be Rs. 250, which is huge. 

For the sake of this, mobile wallet companies are turning to video KYC, and have asked RBI to look into the matter. However, RBI has not yet responded to this.

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