Did you hear a faint whoosh on July 8 in Delhi or Mumbai? That was just a collective sigh of relief across government—and telcos, banks and fintech firms. The Rajya Sabha had passed the Aadhaar Amendment bill.
The bill was drafted after the Supreme Court ruled in September 2018 that Aadhaar could be used for government schemes, but not by the private sector. When it failed the floor test in the Rajya Sabha in January 2019, an ordinance was issued to allow banks and telcos to use Aadhaar. That ordinance would have lapsed by September 2019.
Now, the Aadhaar and Other Laws (Amendment) Bill, 2019, will allow banks and telcos the ‘voluntary’ use of the 12-digit number as a form of identity proof for customers.
Why do telcos and banks love Aadhaar? It lets them quickly and cheaply authenticate customers. No checking documents or visiting homes. KYC (know your customer) verification in a snap.
Reliance Jio acquired 330 million subscribers in three years. Such rapid customer acquisition would have been tough without biometric e-KYC. NGOs and others in micro-credit and financial inclusion, too, are dependent on quick KYC. Instant authentication is any service provider’s dream.
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LOW-COST AIRLINES, 2003 - NO-FRILLS TAKES OFF
Air Deccan shattered the myth that flying was an elite pursuit. With no-frills service and ultra-low fares, it transformed Indian aviation, inspiring a booming budget airline segment
THE GENERIC BREAKTHROUGH - Pharmacy to the World
India's pharmaceutical industry has evolved from dependency on foreign firms to global dominance. Driven by generics, biopharma breakthroughs and innovation, it has cemented the country's status as the planet's drug factory
THE SOFTWARE BOOM FROM BYTES TO BILLIONS
From a $100-million fledgling in 1991 to a $250-billion powerhouse today, India's IT industry capitalised on visionary policies, pioneering companies and the Y2K opportunity to become a global leader in outsourcing and innovation
ECONOMIC LIBERALISATION, 1991- BREAKING THE SHACKLES
In 1990, India faced economic collapse with dwindling forex reserves and mounting debt. The next year, the Narasimha Rao government, with Manmohan Singh as finance minister, launched transformative reforms, dismantling protectionism and reshaping the economy
THE MARUTI 800, 1983- The Aam Aadmi Car
The small car that made a big difference by democratising car ownership in the country and changing the face of India's automotive industry
RELIANCE INITIAL PUBLIC OFFERING, 1977 - The Emperor of Equities
With his novel idea of raising funds from the public in the late '70s, Dhirubhai Ambani awoke the sleeping giant that was India's capital market, giving the ordinary investor a chance to own a small piece of big business and be part of an equity revolution
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SIMPLE LIVING
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HARMONY IN DESIGN
Using principles of vaastu coupled with a creative interplay of open and closed spaces, this home in Vadodara is a welcome sight
THE NEW ECO CHIC
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