The Hindu Editorial Analysis
The Importance of Reading The Hindu Editorial: Reading The Hindu newspaper has several benefits, including improving reading skills, facilitating comprehension, staying informed of current events, enhancing essay writing, and more. For individuals aiming for a career in banking, reading editorials is crucial for vocabulary building. In this article, we will examine today's editorials, provide practice questions, and highlight important vocabulary words.
Accumulation of E-KYC.
- The Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI) are setting up an aggregator platform for eKYC (electronic know-your-customer) as part of a move that will benefit thousands of regulated entities in the financial sector.
- The platform is expected to go online over the next few months. The process of Aadhaar-based eKYC is used for paperless verification of a customer's credentials to get a mobile connection or open a bank account.
- The process can be completed using biometrics or through the use of OTP and is being used by financial services players, mobile operators and government agencies.
- The new platform will enable entities that are regulated by the RBI, Sebi or the insurance and pension regulators to register on it.
- This will do away with the need for these entities to individually register for undertaking eKYC using Aadhar, while also ensuring that user data is not shared with the players using the platform.
- The idea is to ensure that at best the last four digits are available to the financial services players and even the masked data of the consumers is not shared.
- Besides, users will not have to share physical copies of their documents, which often result in misuse and data theft.
- Once implemented, the platform is expected to help several non-banking finance companies (NBFCs) reach out to consumers to offer loans apart from aiding fintech players and insurance intermediaries.
- "We expect a few thousand players to undertake eKYC through the platform, which will be a significant increase".
Practice Questions:
- Why are UIDAI and NPCI setting up an aggregator platform for eKYC?
- How will the new platform enable entities that are regulated by the RBI?
Important Vocabs:
- Fintech- technology used to support or enable banking and financial services.
- Credentials- the qualities, experience, etc. that make somebody suitable for something
- Entity- something that exists separately from something else and has its own identity
- Aggregator- program that collects related items of content and displays them
- Intermediaries- an organization that helps two people or groups to reach an agreement
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