Payments News


Aadhaar verdict brings India’s banks back to square one

“Then, on Sept. 26, a five-judge bench struck down section 57 of the Aadhaar Act, which allowed corporate entities or even individuals to demand the unique Aadhaar number in exchange for goods or services. While customers are rejoicing, banks are reeling under the blow, having already spent a fortune and considerable time and effort in collecting customers’ data. Now they have to revert to the pre-Aadhaar system.”