The Associated Chambers of Commerce & Industry of India

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Lets not push banks fire fighting with frauds to meet hard Aadhaar deadline: ASSOCHAM


Sunday, March 04, 2018

New Delhi, 3rd March 2018:
Notwithstanding judicial scrutiny and governments  well-intentioned moves, the banks , particularly those in the PSUs, may find it hard and challenging to complete the task of linking Aadhaar with the accounts of all the customers by March 31,2018 thus necessasitating relaxation of the deadline, the ASSOCHAM has said.
"Following unearthing of alleged frauds in the Punjab National Bank and a few other banks , the PSU lenders are anyway fire fighting to protect their core business and are hard pressed for human and other resources , to take up the job of Aadhaar linkage. Should we not give them more time ? Besides, the customers are also facing deadline pressure not only from the banks but also from payment gateways companies , which may also see a lot of disruption in the run-up to the deadline," said the ASSOCHAM, urging the government to seriously consider relaxation of the UID timeline.
The economy has just about come out of the impact of vastly structural jerks of demonetization and the Goods and Services Tax and is not ready for another challenge by way of any bank account becoming inoperative after March 31 ." As of now, even those having submitted Aadhaar details are getting KYC reminders. There is a lot of confusion which may lead to further problems as we approach the deadline. Banking and online operations, including the trading by retail stock investors, are the lifeline of the economy which is set to march ahead in FYI 2019. Thus we need to tread very cautiously "said ASSCHAM Secretary General M r D S Rawat
The chamber said the PSUS banks are smarting under the alleged frauds running into thousands of cores of rupees even as the pressure of Non-performing Assets is increasing by the day. “It is best advised that the banks be allowed to come out of the crisis like situation before they are given the additional task of Aadhaar seeding to customer accounts"

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