Digital signatures, Aadhaar enabled e-KYC can encourage financial inclusion: NITI Aayog CEO

Suggests raising limits for different type of accounts

by Arjit Singh Bhambra

The central bank should promote for wider acceptance of digital signatures and the use of Aadhaar enabled electronic KYC verification for opening of bank accounts and various financial transactions in the country, according to NITI Aayog CEO Amitabh Kant. He added that this will further encourage digitisation of finance along with an increased access to lending. The CEO also suggested for the need to raise limits on Aadhaar enabled OTP based authentication for different types of account opening. For instance, the limit on savings account can be increased to Rs.1 million from the existing Rs.100,000 while the limit for loan accounts can be raised to Rs.600,000. He believes that this will curb the NPA menace by reducing the instances of forged documentations being used.

References
1. http://economictimes.indiatimes.com/news/economy/policy/niti-aayog-wants-more-push-to-digital-signatures-for-industry-use/articleshow/60482473.cms
CMIE STATISTICS
Unemployment Rate
Per cent
5.8 -0.0
Consumer Sentiments Index
Base September-December 2015
96.1 +0.2
Consumer Expectations Index
Base September-December 2015
96.5 0.0
Current Economic Conditions Index
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95.5 +0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Jun 17 Sep 17 Dec 17 Mar 18
New projects 2.50 1.22 1.34 2.91
Completed projects 0.87 1.24 1.11 1.35
Stalled projects 2.68 0.69 0.88 3.41
Revived projects 0.23 0.34 0.22 0.24
Implementation stalled projects 0.76 0.78 0.71 1.05
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Quarterly Financials of Listed Companies
(% change) Jun 17 Sep 17 Dec 17 Mar 18
All listed Companies
 Income 9.6 7.9 11.9 10.7
 Expenses 9.9 9.0 13.0 17.3
 Net profit -19.8 -18.0 -14.3 -78.4
 PAT margin (%) 5.3 5.5 4.8 1.4
 Count of Cos. 4,512 4,498 4,486 4,228
Non-financial Companies
 Income 10.2 8.2 13.3 12.4
 Expenses 10.5 8.1 12.3 13.0
 Net profit -25.1 -6.0 13.1 1.4
 PAT margin (%) 5.2 6.2 6.4 6.8
 Net fixed assets 9.2 11.9
 Current assets 78.6 8.4
 Current liabilities 11.0 10.7
 Borrowings 10.4 1.4
 Reserves & surplus 5.2 8.1
 Count of Cos. 3,480 3,467 3,469 3,278
Numbers are net of P&E
Updated on: 20 Jun 2018 4:20PM
Annual Financials of All Companies
(% change) FY15 FY16 FY17 FY18
All Companies
 Income 5.6 1.8 5.8 15.1
 Expenses 5.7 1.9 5.8 21.9
 Net profit 0.0 -9.8 26.7 -75.8
 PAT margin (%) 3.0 2.8 3.5 1.5
 Assets 9.5 10.1 7.2 16.3
 Net worth 8.5 11.3 6.9 11.2
 RONW (%) 5.8 4.9 5.9 2.0
 Count of Cos. 25,972 24,188 21,604 134
Non-financial Companies
 Income 4.8 0.9 5.6 12.1
 Expenses 5.0 0.3 5.9 11.6
 Net profit -8.2 19.5 21.8 12.2
 PAT margin (%) 2.0 2.4 3.0 11.7
 Net fixed assets 13.3 17.3 6.3 23.3
 Net worth 7.0 12.0 5.6 6.5
 RONW (%) 4.6 5.1 6.0 15.0
 Debt / Equity (times) 1.1 1.1 1.0 0.3
 Interest cover (times) 1.9 1.9 2.1 11.5
 Net working capital cycle (days) 66 65 62 -24
 Count of Cos. 21,193 20,267 18,054 92
Numbers are net of P&E
Updated on: 20 Jun 2018 12:40PM