The ASSOCHAM has said that that public sector banks, in particular, may find it challenging to complete the task of linking Aadhaar with the accounts of all customers by March 31, and therefore called for an extension in the deadline.
A senior office bearer at ASSOCHAM said, Following unearthing of alleged frauds in the Punjab National Bank and a few other banks, the PSU lenders are anyway firefighting to protect their core business and are hard pressed for human and other resources, to take up the job of Aadhaar linkage. Besides, the customers are also facing deadline pressure not only from the banks but also from payment gateways companies, which may also see a lot of disruption in the run-up to the deadline. We urge the government to seriously consider relaxation of the Unique Identity Number (UID) timeline. As of now, even those having submitted Aadhaar details are getting KYC reminders. There is a lot of confusion which may lead to further problems as we approach the deadline. Banking and online operations, including the trading by retail stock investors, are the lifeline of the economy which is set to march ahead in the next fiscal. Thus we need to tread very cautiously. The PSBs are smarting under the alleged frauds running into thousands of crores of rupees even as the pressure of non-performing assets (NPAs) is increasing by the day. Therefore, it would best advised that the banks be allowed to come out of the crisis-like situation before they are given the additional task of Aadhaar seeding to customer accounts.