RBI says no to Islamic Banking in India
Banks, the Chief Minister said, should also endeavour to provide education loans to the students as it was the right of every child to pursue education. (MORE) PTI UD
UIDAI Chairman Nandan Nilekani, who was also present at the financial inclusion programme, said Aadhaar would encourage and catalyse financial inclusion.
"Aadhaar can be used as KYC (Know Your Customer)-- proof of identity. If the migrant workers have Aadhaar cards, they can open bank accounts in any state", he added.
In the second phase, with an electronic KYC, he said, it would be possible to open instant bank accounts.
Moreover, Nilekani said, the Aadhaar numbers could be used for direct transfer of subsidies, thereby reducing leakages in delivery mechanism.
In the long run, he said, the government would be able to use the Aadhaar platform for direct transfer of subsidies, including LPG and kerosene.
Speaking at the event, Kerala Finance Minister K M Mani urged banks to be "more generous" while disbursing education loans besides providing fund to the micro-finance sector.
Mani also said that state government was seriously thinking of including financial inclusion as curriculum in schools.