Move could save banks significant money spent on record-checking and documentation In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online aadhaar authentication as a valid proof of identity for opening bank accounts. The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online aadhaar data to satisfy know-your-customer (KYC) requirements. This will pave the way for...

Despite the high-theatrics rollback of the Railway Budget, the government is confident of being able to push ahead with the reforms agenda. Despite the high-theatrics rollback of the Railway Budget, the government is confident of being able to push ahead with the reforms agenda. In an e-mailed post-Budget interview, Union finance minister Pranab Mukherjee took questions from Outlook’s Lola Nayar and Sebastian P.T. Edited excerpts: The government has managed to get UPA...

-Live Mint   Divisions between the Unique Identification Authority of India (UIDAI, or aadhaar) and the home ministry grew wider on Thursday after the Nandan Nilekani-led entity and the department of information technology (DIT) raised objections to the Resident Identity Card (RIC) scheme. Three high-ranking officials, who spoke independently and on condition of anonymity, said a meeting of the Expenditure Finance Committee (EFC) to clear Rs. 6,790 crore for the home ministry’s RIC...

-The Business Standard In Budget, reformers win, NAC loses The consensus opinion that has developed about the 2012-13 Budget presented by Finance Minister Pranab Mukherjee on Friday is that it was unambitious, especially in terms of reworking government spending. It delivered little in terms of a vision for reform, the argument goes, constrained as it was by the spending-hungry allies in the United Progressive Alliance (UPA) and the entitlement-hooked Congress leadership. A...

Home minister P. Chidambaram has set a two-year deadline for completing the National Population Register (NPR). In a release today, his ministry said the register was “likely to be” completed by March 2014, the statement coming a day after the Union budget announced that the aadhaar platform was ready to support payments for projects like the rural job scheme. aadhaar, a project of the Planning Commission, is the unique number meant for...