HomeMedia CenterAadhaar Verdict: Private companies claim Supreme Court’s order will disrupt businesses, says report – cnbctv18

Aadhaar Verdict: Private companies claim Supreme Court’s order will disrupt businesses, says report – cnbctv18

The companies have sought a legislation that reinstates their ability for the companies to ask for Aadhaar, said the report.

Section 57 allowed any “body corporate or person” or private entity to demand Aadhaar from citizens for the purpose of identification.

The apex court ruled that linking of Aadhaar cannot be made compulsory for services such as bank accounts, mobile connections or school admissions.

“Though the verdict is not affecting us, we believe that this will be a regressive move for fintech companies as they will eventually move to the traditional mode of verifying individuals and thereby the turnaround time for processing the loan will increase to a considerable extent,” said Bhavin Patel, co-founder and CEO of LenDenClub, a peer-to-peer lender, told the paper.

Finance Minister Arun Jaitley, in a media briefing, claimed that use of Aadhaar by private companies needs legislative backing.

Credit : CNBC TV 18

LenDenClub is India’s largest Peer to Peer lending platform which started operations in India in 2015. We have been helping lenders diversify their portfolio beyond traditional investment instruments ever since.

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LenDenClub, owned and operated by Innofin Solutions Pvt Ltd (ISPL) is registered as a peer-to-peer lending non-banking financial company (“NBFC-P2P”) with the Reserve Bank of India (“RBI”). The Reserve Bank of India does not accept any responsibility for the correctness of any of the statements or representations made or opinions expressed by Innofin Solutions Private Limited, and does not provide any assurance for repayment of the loans lent through its platform.

LenDenClub is an Intermediary under the provisions of the Information Technology Act, 2000 and virtually connects lenders and borrowers through its electronic platform via the website and/or mobile app.

The lending transaction is purely between lenders and borrowers at their own discretion, and LenDenClub does not assure loan fulfilment and/or lending simple interest. Also, the information provided on the platform is verified or checked on the best efforts basis without guaranteeing any accuracy of the data/information verification. Any lending decision taken by a lender on the basis of this information is at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower, fully or partially. The risk is entirely on the lender. LenDenClub will not be responsible for the full or partial loss of the principal and/or interest of lenders’ lending amounts.

*This is an annualized yield and is subject to the maximum FMPP tenure, which is 5 years. P2P lending is subject to high risk and may cause an entire loss of principal.
 

*P2P lending is subject to risks. And lending decisions taken by a lender on the basis of this information are at the discretion of the lender, and LenDenClub does not guarantee that the loan amount will be recovered from the borrower.

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