My Budget 2021 Ideas to Finance Minister

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 Nayakanti Prashant – Banker by Daytime, Blogger by Night.

I believe in the power of ‘LessCashNotCashLess’, economy.

Link to my background  Blog post @ https://innovationinbanking.blogspot.com/2020/11/mygovin-portal-open-for-union-budget.html



01) - ‘My Aadhaar Number is my Bank Account Number’.

The Aadhaar Number is unique to each individual and there are no duplicates.

At present, the recipient can seed his/her in Aadhaar different bank accounts for different bank schemes or can seed Aadhaar only in one bank account.

Majority of the recipients tend to seed their Aadhaar number in multiple bank accounts, leading to recon issues both the for the Government and the recipient.

Hence, the concept of ‘My Aadhaar Number is my Bank Account Number’.

          All Aadhaar Number Holders to have a Bank Account with the same number i.e Aadhaar Number. Nothing more, nothing less.

Eligible Credits:

A)    Only Notified Credits i.e Direct Benefit Credits(DBT), Wages, Insurance Pay-outs, Provident Fund pay-outs, Gratuity pay-outs

B)   No Credits through Cash

C)    No Credits through Cheques

D)   No Credits through transfer from other Aadhaar Bank Accounts

E)    Limits can be set for individual credits, cumulative credits, etc.

Eligible Debits/Withdrawals:

A)    No Cash withdrawals

B)   No issuance of cheque leaves

C)    Bill Pay (NPCI BBPS) withdrawals allowed

D)   (Unified Payments Interface) BHIM-UPI transactions.

E)    Pre-Authorised Transfers to two normal regular accounts allowed

100% Account Portability – Hassle free portable from one bank to another bank.

02) - Aadhaar Digital Loan Portal

The need of the hour to boost spending by our countrymen is a hassle-free micro digital loan.

The ‘Aadhaar Loan Portal’, aims to harness technology to disburse Micro Personal Loans below INR30,000/- with a default rate between 1% to 3% with minimal human intervention.

Aadhaar Digital Loan Amount: INR10,000.00 to INR30,000.00

Type: Single disbursement

Security: NIL

Disbursement: Credit to Bank Account

Repayment: Regular EMIs -NACH-Debit, Ad-Hoc - BBPS

Eligibility: Applicant:

01)                       Aadhaar Number Holders between 21 years to 58 years, not paid any Income Tax are  pre-approved

02)                       Applicants mobile number and email be seeded in the Aadhaar Database.

03)                       Aadhaar Number Holders not paid any Income Tax are only not eligible.

04)                       Bank Account with any of the Banks on NACH Debit Module.

05)                       Monthly Credits (last 12-18 months) in the Bank Account submitted for the EMI Deduction should be 125% to 150% of the monthly EMI.

06)                       The Average Balance for the last 12-18months in the Bank Account Number submitted for the EMI Deduction should be 50% to 75% of the monthly EMI.

07)                       Applicants need not stay in the address mentioned on in the Aadhaar number. Applicants can stay in any part of India and Common Service Centres (CSCs) will authenticate their physical presence.

08)                       Every applicant has to have 2 guarantors. This is to ensure that there will be minimal defaults.

09)                       The Applicant and Guarantors together have to physically visit the CSCs for submission of the Loan Application, submission of Loan Document. 

Disclaimer: These are my personal thoughts only. The Mission is ‘LessCashNotCashLess’

 

 

 

 

 

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