What is Aadhaar Card?
An Aadhaar Card is a unique way of identifying people digitally. The main aim of issuing Aadhaar Cards is to track an individual’s social security. The concept with this card is based on benefiting the society on every development parameter such as health, education, employment and many more. This card is issued to all the Indian citizens by UIDAI and has a 12 digit Unique Identification Number. In addition to the above mentioned benefits of Aadhaar Card, another essential benefit is the financial inclusion.
Aadhaar Card for Banking
Some of the benefits of linking the Aadhaar Card to the bank account are mentioned as follows:
- The subsidies from the government are directly credited to the user’s account if it is linked to his or her Aadhaar Card number. This includes subsidies on sugar, LPG, kerosene and so on.
- Under the Know Your Customer policy, an Aadhaar Card is a valid proof.
- If your bank account is linked to your Aadhaar Card, the pension, welfare funds, scholarships and so on received from the government will be credited directly the user’s account.
- The wages received by the workers will also be directly credited to their Aadhaar Card linked bank account, under MNREGA scheme.
- Not just the individuals, but also the government is benefited from this linkage. A number of times the welfare subsidies are being claimed by fake people and hence the genuine person remains deprived of the benefits of the same. This linkage would enable the government to give subsidies to the correct beneficiary.
The Card holders can link their Aadhaar number to their respective bank accounts and avail various benefits. The user needs to provide a consent and other information for linking his or her Aadhaar Card number to the bank account.
