{"id":30346,"date":"2018-10-26T15:31:01","date_gmt":"2018-10-26T10:01:01","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=30346"},"modified":"2018-10-26T15:31:01","modified_gmt":"2018-10-26T10:01:01","slug":"banks-told-to-be-vigilant-on-aadhaar","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/banks-told-to-be-vigilant-on-aadhaar\/","title":{"rendered":"Banks told to be vigilant on Aadhaar"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-national\/banks-told-to-be-vigilant-on-aadhaar\/article23351188.ece\"><strong>Banks told to be vigilant on Aadhaar<\/strong><\/a><\/p>\n<p><strong>What has happened?<\/strong><\/p>\n<p>The Unique Identification Authority of India (UIDAI) has asked banks to provide Aadhaar-based onetime password (OTP) for opening of bank accounts only in the presence of the customer, in a banking outlet<\/p>\n<p><strong>Effect on banks using Aadhaar based OTP authentication for account opening<\/strong><\/p>\n<p>The direction is a huge blow to the banks that are heavily dependent on Aadhaar-based OTP authentication process for account opening (where the customers do not have to visit branches) or use tab banking to open accounts by visiting the customer\u2019s residence.<\/p>\n<p><strong>UIDAI\u2019s concerns<\/strong><\/p>\n<ul>\n<li>There has been instances wherein: Aadhaar of person A got seeded with person B\u2019s account to carry out fraudulent transaction<\/li>\n<li>Stolen Aadhaar copy was used to open a bank account and obtain credit, debit card<\/li>\n<li>The UIDAI said a fabricated Aadhaar card provided to a bank may result in fraud and loss of money, if the bank does not authenticate with finger print or OTP to adequately identify the Aadhaar holder<\/li>\n<\/ul>\n<p><strong>There are Limits on accounts opened via Aadhaar based OTP authentication process<\/strong><\/p>\n<p>According to RBI norms, there are limits for accounts that are opened through Aadhaar-based OTP authentication process, like deposits cannot exceed Rs. 1 lakh and full KYC requirements, which is submission of documents and giving biometric details, were needed to be made in 1 year<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Banks told to be vigilant on Aadhaar What has happened? The Unique Identification Authority of India (UIDAI) has asked banks to provide Aadhaar-based onetime password (OTP) for opening of bank accounts only in the presence of the customer, in a banking outlet Effect on banks using Aadhaar based OTP authentication for account opening The direction&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/banks-told-to-be-vigilant-on-aadhaar\/\">Continue reading <span class=\"screen-reader-text\">Banks told to be vigilant on Aadhaar<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-30346","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704914254},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/30346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=30346"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/30346\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=30346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=30346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=30346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}