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RBI: Aadhaar not mandatory for DBT scheme

World Bank hailed the Aadhaar ID saying the initiative is estimated to be saving the government about $1 billion annually by curbing corruption.

By: Express News Service | Mumbai |
January 15, 2016 1:51:36 am

In a clarification on the Direct Benefit Transfer (DBT) Scheme, the RBI on Thursday said use of Aadhaar cards and seeding of bank accounts with those numbers are purely voluntary and not mandatory.

“In view of the Supreme Court’s interim orders dated August 11, 2015 and October 15, 2015 on usage of Aadhaar, it is hereby clarified that use of Aadhaar card and seeding of bank accounts with Aadhaar numbers is purely voluntary and it is not mandatory,” the RBI said in a communication to banks.

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Meanwhile, the World Bank hailed the Aadhaar ID saying the initiative is estimated to be saving the government about $1 billion annually by curbing corruption as it underlined that digital technologies can promote inclusion, efficiency and innovation.

“We estimate that this is saving approximately $1 billion a year. It is a help in fiscal budgeting. It is a help in providing other useful services,” World Bank chief economist Kaushik Basu said.

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