Nilekani woos financial service providers to log on to UID

The Unique Identity Authority of India (UIDAI) chairman Nandan Nilekani on Monday urged financial services providers like pension, insurance, mutual fund and banking firms to consider riding on the UIDAI platform to expand the reach of their products across the country and meet the government s financial inclusion goals. Nilekani stressed that taking a product like the New Pension Scheme (NPS) to millions of citizens required a reduction in its transaction costs and an ubiquitous micro-payment infrastructure. Speaking at a pensions conference, Nilekani said that though the UID would be a voluntary number, it can be made mandatory for specific applications ...

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