uid

When I opposed Aadhaar in 2010 , I was called a BJP stooge. In 2016 I am still opposing Aadhaar for the same reasons and I am told I am a Congress die hard. No one wants to see why I oppose Aadhaar as it is too difficult. Plus Aadhaar is FREE so why not get one ? Ram Krishnaswamy

First they ignore you, then they laugh at you, then they fight you, then you win. -Mahatma Gandhi

In matters of conscience, the law of the majority has no place. Mahatma Gandhi

“The invasion of privacy is of no consequence because privacy is not a fundamental right and has no meaning under Article 21. The right to privacy is not a guaranteed under the constitution, because privacy is not a fundamental right.” Article 21 of the Indian constitution refers to the right to life and liberty -Attorney General Mukul Rohatgi

“There is merit in the complaints. You are unwittingly allowing snooping, harassment and commercial exploitation. The information about an individual obtained by the UIDAI while issuing an Aadhaar card shall not be used for any other purpose, save as above, except as may be directed by a court for the purpose of criminal investigation.” -A three judge bench headed by Justice J Chelameswar said in an interim order.

Legal scholar Usha Ramanathan describes UID as an inverse of sunshine laws like the Right to Information. While the RTI makes the state transparent to the citizen, the UID does the inverse: it makes the citizen transparent to the state, she says.

Good idea gone bad
I have written earlier that UID/Aadhaar was a poorly designed, unreliable and expensive solution to the really good idea of providing national identification for over a billion Indians. My petition contends that UID in its current form violates the right to privacy of a citizen, guaranteed under Article 21 of the Constitution. This is because sensitive biometric and demographic information of citizens are with enrolment agencies, registrars and sub-registrars who have no legal liability for any misuse of this data. This petition has opened up the larger discussion on privacy rights for Indians. The current Article 21 interpretation by the Supreme Court was done decades ago, before the advent of internet and today’s technology and all the new privacy challenges that have arisen as a consequence.
Rajeev Chandrasekhar, MP Rajya Sabha

“What is Aadhaar? There is enormous confusion. That Aadhaar will identify people who are entitled for subsidy. No. Aadhaar doesn’t determine who is eligible and who isn’t,” Jairam Ramesh

But Aadhaar has been mythologised during the previous government by its creators into some technology super force that will transform governance in a miraculous manner. I even read an article recently that compared Aadhaar to some revolution and quoted a 1930s historian, Will Durant. Rajeev Chandrasekhar, Rajya Sabha MP

“I know you will say that it is not mandatory. But, it is compulsorily mandatorily voluntary,” Jairam Ramesh, Rajya Saba April 2017


Special

Here is what the Parliament Standing Committee on Finance, which examined the draft N I A Bill said.

1. There is no feasibility study of the project]

2. The project was approved in haste

3. The system has far-reaching consequences for national security

4. The project is directionless with no clarity of purpose

5. It is built on unreliable and untested technology

6. The exercise becomes futile in case the project does not continue beyond the present number of 200 million enrolments

7. There is lack of coordination and difference of views between various departments and ministries of government on the project

Quotes

What was said before the elections:

NPR & UID aiding Aliens – Narendra Modi

"I don't agree to Nandan Nilekeni and his madcap (UID) scheme which he is trying to promote," Senior BJP Leader Yashwant Sinha, Sept 2012

"All we have to show for the hundreds of thousands of crore spent on Aadhar is a Congress ticket for Nilekani" Yashwant Sinha.(27/02/2014)

TV Mohandas Pai, former chief financial officer and head of human resources, tweeted: "selling his soul for power; made his money in the company wedded to meritocracy." Money Life Article

Nilekani’s reporting structure is unprecedented in history; he reports directly to the Prime Minister, thus bypassing all checks and balances in government - Home Minister Chidambaram

To refer to Aadhaar as an anti corruption tool despite overwhelming evidence to the contrary is mystifying. That it is now officially a Rs.50,000 Crores solution searching for an explanation is also without any doubt. -- Statement by Rajeev Chandrasekhar, MP & Member, Standing Committee on Finance

Finance minister P Chidambaram’s statement, in an exit interview to this newspaper, that Aadhaar needs to be re-thought completely is probably the last nail in its coffin. :-) Financial Express

The Rural Development Ministry headed by Jairam Ramesh created a road Block and refused to make Aadhaar mandatory for making wage payment to people enrolled under the world’s largest social security scheme NRGA unless all residents are covered.


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Monday, May 2, 2016

9895 - DBS launches mobile-only bank in India for retail reach - Forbes India


Salil Panchal, Forbes India Staff
I write on all matters involving money; people who make it, lose it, the financial markets, banks and regulators.

The DBS banking platform was launched in the presence of 
Indian cricket icon Sachin Tendulkar, who has opened a 
Digibank account

DBS, Singapore’s largest lender, unveiled on Tuesday India’s first mobile-only bank, in a bid to help expand its presence across India, by tapping into the country's ongoing technological and digital revolution in financial services.

The "Digibank" using biometrics and artificial intelligence technologies would be paperless and branchless. DBS CEO Piyush Gupta, who is based out of Singapore, said that he hopes to acquire five million accounts in India over the next five years through this platform.

A banking savings account can be opened with one-time biometric authentication and the customer’s Aadhaar and PAN card details.

Besides the positive socio-demographics and being the fastest growing major economy in the world, India offered a unique stack in the form of an architectural framework which is being created, Gupta said.

This includes an existing eKYC (know your client) system and the Aadhaar authentication framework, a signature and digilocker, the just launched Unified Payments Interface (UPI) – which allows for swift payment across banks - and finally, a consent architecture system, where information is made freely available to anyone else for use.

“This type of architecture is unique: it is not available in the United States or China. Many individual pieces of the architecture exist but they tend to be only in private hands. India is one of the few countries in the world which has put together a public architecture to enable this tele-services system,” Gupta said in a presentation earlier in the day.

DBS will offer a seven percent interest rate [with no minimum balance required] on the digibank savings account, compared to the five percent for existing customers.

The banking platform was launched in the presence of Indian cricket icon Sachin Tendulkar, who has opened a Digibank account.

DBS plans to launch investment products and introduce lending operations on digibank in coming months.

India currently contributes about five percent to DBS’s total business. In FY15, the bank had posted a loss of Rs 275 crore for India operations, due to higher provisioning. The bank is “likely to return to a small profit” in the twelve months ending March 2016, Gupta said.

He added that India is in the midst of a revolution where fintech companies are starting to disrupt the financial services’ balance sheets. These companies are creating products and services which are involved in raising money, lending, payment and remittances systems and security solutions. This often is being done better, smarter and cheaper than banks.

The only issue is that fintech companies do not have a monopoly or prerogative on technologies of the world, he said.

Gupta was confident that digital technology will continue to change the way people bank. “Each company, including ours will have to evolve and grow,” Gupta told Forbes India, in an interview.

Earlier this month, the Reserve Bank of India (RBI) governor Raghuram Rajan and the National Payments Corporation of India launched the UPI programme, which makes mobile payments swifter and simpler. The UPI app will be inter-operable across multiple banks and allows customers to make or receive payments through a single identifier like the Aadhaar number or a virtual address.

DBS has been in the news, being one of the few foreign banks in India which plans to convert into a wholly-owned subsidiary (WOS) in India. The application, filed in April 2015, awaits an approval from the RBI.

The WOS plan of DBS is to help the bank expand lending to small-and-medium enterprises (SME), transaction business and its wealth management presence, Gupta said. Once it receives an WOS approval, DBS plans to expand its network to between 60 and 70 branches, from the existing twelve.

DBS has a cost to income ratio of around 55 percent in India, which is higher than its global average of around 45 percent. DBS, through the Digibank platform will seek to build a liability book of Rs 50,000 crore and Rs 10,000 crore on the asset side over the next three years, Gupta said.

He said DBS would launch Digibank in Indonesia and China in coming 12-18 months.