Axis Bank Offers Instant Account Opening By Tapping Into Aadhar Database Of VISA
The Aadhaar Card endeavor undertaken by the current ruling Government of India has received a much needed incentivized boost. Axis Bank, in association with VISA, has launched a facility to get a Bank Account opened instantly using the Biometric Credentials stored in the Aadhar Database.
Christened ‘eKYC’, this instant verification and approval process is touted to be first of its kind and is currently available in 1000 Axis Bank Branches across 400 Major City Hubs. The facility will soon be extended to 1000 more Branches. eKYC is a critical step that will surely encourage users to opt for the same.
Launched way back last year, the Aadhar Initiative is a dream of the UPA Government that will one day be utilized to reduce cutbacks, corruption, as well as speed up remittances. Despite the extended time–frame, the project took a lot of time to gain momentum. Owing to the limitations of the nation, this highly technical project that gathered not just documentary evidence, but also biometric data of citizens like the Iris and Fingerprints, ran into a lot of hurdles along the way. Fortunately, the project has always been the recipient of funds that has somehow managed to keep the momentum going.
The Unique Identification Authority of India (UIDAI), which has been entrusted with the duty of generating Aadhar Cards had launched three Aadhar enabled services in May. An authentication services using Iris, an authentication service using one time pin (OTP) and an electronic Know Your Customer (eKYC) service.
Surprisingly, though the basic API and Data of Aadhar is free and open Axis Bank chose to go via VISA to get the relevant data. Nonetheless, the ability to simply walk into a Bank Branch with just a single proof should be incentive enough to boost Aadhar Card Adoption. What do you think?
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Source: http://www.watblog.com/2013/10/25/axis-bank-offers-instant-account-opening-by-tapping-into-aadhar-database-of-visa/
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