At BankBazaar’s paperless finance conclave, NITI Aayog chief Amitabh Kant recommended several reforms.
Kant said there should be greater adoption of Aadhaar-enabled electronic KYC for bank account opening.
He felt that the limits on Aadhaar-based One Time Password (OTP) authentications should be increased.
He said OTP transaction limits should be Rs. 10 lakhs for Savings Accounts and Rs. 6 lakhs for loan accounts.
He also pushed digital signatures and OTP authentication for Credit Card disbursals.
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