Aadhaar may be Made Compulsory Under Cos Act

The government plans to make Aadhaar compulsory for regulatory filings made by key managerial personnel and directors under the Companies Act so as to weed out bogus entities. There are more than nine lakh active companies in the country and the proposal comes at a time when authorities have stepped up efforts to curb money laundering activities through shell firms. Registered companies have to submit filings as mandated under the Companies Act in electronic format through the MCA21 portal. The Ministry of Corporate Affairs is “actively considering“ integration of Aadhaar for availing various MCA21 related services.

The Economic Times New Delhi, 14th April 2017

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RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said. Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm

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India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

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