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High UIDAI charges leave banks stressed
News:
- Bank has raised the concern over the high license fee by the Unique Identification Authority of India (UIDAI) for Aadhaar authentication services center.
Important News:
- The Bank pointed out that high charges for enabling Aadhaar customer service is affecting smaller banks and small finance banks.
- Banks have to pay a fee of 20 lakh with validity of two years for production environment facility for authentication of Aadhaar.
- In addition for availing pre- production environment facility fee of 5 lacks charged for 3 months.
- The Maharashtra Urban Co-operative Banks Federation said it has received multiple complaints from banks over the high charges incurred to them by UIDAI.
Note: The Maharashtra Urban Co-operative Banks Federation represents about 500 of the 517 co-operative banks in Maharashtra.
- Most of the non-scheduled urban cooperative bank (UCBs) are unit banks or have less than five branches.
- Currently, UCBs has a customer base of five crore and about 1562 urban cooperative banks (UCBs) in India.
- UCBs are meeting the credit needs of poor and marginal sections of the society at the rural level and playing a unique and efficient role in financial inclusion and inclusive growth of the country.
- The banks authority stated that they have no option but to shift the burden to customers.
- UIDAI has defended the bank concern and said that the licence fee levied are very nominal.
