Airtel Payments Bank gets RBI nod to add new customers, can use e-KYC

The payments bank ran into a controversy after it allegedly opened savings accounts for existing customers without their express permissions

Airtel Payments Bank , which was stopped by the Reserve Bank of India (RBI) from getting new customers on board, received approvals from the central bank to add new accounts, the company said on Thursday.

Also, the Unique Identification Authority of India (UIDAI) has allowed it to use the 12-digit Aadhaar-based e-KYC, the company said.

The payments bank ran into a controversy after it allegedly opened savings accounts for existing customers without their express permissions.

These accounts allegedly led to government LPG subsidies worth Rs 1.68 billion being transferred to Airtel Payments Bank accounts even as many of the customers weren’t aware of that.

“We thank the authorities for the approvals. We remain committed to the Government’s vision of financial inclusion and banking for all,” a spokesperson said.

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Linking PAN to Aadhaar is now compulsory. Here's how to do it

1.08 cr assessees done with linking; over 25 cr PAN card holders, 111 cr Aadhaar holders in India

If you have not linked your Aadhaar with your PAN on the income tax portal yet, you should not delay it. As per latest circular from income tax (I-T) department, it is now mandatory to link Aadhaar and (PAN) permanent account number while filing tax returns.

The rule which will be applicable from July 1, 2017 is aimed at tax evaders who hold multiple PAN cards to escape paying tax. Therefore, after linking both the Aadhaar and PAN, the government hopes to keep tabs on the taxable transactions of a particular individual or entity, whose identity and address will be verified by his Aadhaar card

By linking the two, entities will no longer have to submit their Income Tax acknowledgement to the I-T department, thus saving tax payers a lot of trouble.

When linking, make sure that name, date of birth and gender displayed on the income tax website matches with the detail on your Aadhaar Card. Here’s how to do it:

• The first step towards linking Aadhaar with PAN is to register on Income tax e-filing portal.
• If you are an already registered user on e-filing portal, login to e-filing portal of Income tax department by entering your PAN as User ID, date of birth and password.
• On logging in to the site, a pop up window will appear prompting you to link your PAN card with Aadhaar card.
• You can input your Aadhaar number enter ‘captcha’ code and click on ‘link now’.
• In case you have decided to link Aadhaar with PAN later click on ‘later’ button.
• On logging, if no pop up window appear, go to profile Setting and click on ‘link Aadhaar’.
• Enter your Aadhaar number enter captcha code and click on ‘link Aadhaar’.
• The system will match your name, date of birth and gender with PAN card and Aadhaar database, if detail matches, you will get the message “Aadhaar – PAN linking is completed successfully.”

Around 1.08 crore assessees have Aadhaar-linked PAN but the number is abysmally low as there are over 25 crore PAN card holders in the country, while Aadhaar has been issued to 111 crore people. According to statistics with the tax department, only six crore people file income tax returns at present. (readmore…)

BHIM: Aadhaar-based app launched to simplify digital payments

BHIM is biometric version of UPI, USSD and expected to minimise role of plastic cards, PoS machines

Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application called BHIM (Bharat Interface for Money).

On day 50 of the window provided by the government to citizens to exchange or deposit old currency notes of Rs 500 and Rs 1,000 denominations, the Prime Minister at a 'Digi Dhan Mela' event in the capital, asked citizens to make at least five digital transactions, so as to understand the concept behind e-payments, and then use it extensively.

"Download it on a smartphone or on a feature phone. It is not necessary to have the internet for this app. In the next two weeks, one more work is being done, which will increase the power of BHIM so much that you would be able to withdraw money even with your fingerprints," he said.

BHIM is a biometric and rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data). It is expected to minimise the role of plastic cards and point-of-sale machines, once believed essential for a less-cash society.

"In two weeks, we will make one more accomplishment; its security is being worked on. It will empower BHIM; you'll only require your thumb to pay," said Modi. He added this app would empower the poorest of the poor, with the thumb becoming the new identity.

The app is supposed to aid in digital payments of people who have a bank account but either do not have debit or credit cards or are unable to use these. At present, it is available only on the Android mobile operating system. It can be downloaded by merchants and used with a biometric reader, currently available for Rs 2,000. A customer only needs to use his or her fingerprint to pay from an Aadhaar-linked account.

The app would eliminate the fee payments for service providers like card companies such as MasterCard or Visa.

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