RBI Governor Raghuram Rajan on Thursday welcomed Supreme Court ruling on use of Aadhaar card in more schemes and said it will help in financial inclusion drive and providing easy access to loans.
“The Supreme Court ruling on Aadhaar card will be quite helpful, making us use it in banking services. It will make easier for financial inclusion,” Dr. Rajan told reporters after the central bank’s 554th board meeting here.
With an UIDAI number, a person will be able to open a bank account as it will work as an identification document and will help in easier access to loans, he added.
“UID will ensure that people will not get multiple loans from different places. We can make sure that it does not happen. This is an example on how we can make more lending possible,” said Dr. Rajan.
The Apex Court has permitted voluntary use of Aadhaar card for schemes such as MGNREGA, all types of pension schemes, PM’s Jan Dhan Yojana and EPF.
