financetom
Personal Finance
financetom
/
Personal Finance
/
India reassures confidence in Aadhaar after Moody's questions its reliability
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
India reassures confidence in Aadhaar after Moody's questions its reliability
Sep 25, 2023 11:35 PM

The government on Monday reassured confidence in its digital identification system, Aadhaar, after a Moody’s report last week highlighted concerns about it like establishing authorisation and biometric reliability.

Ministry of electronics & IT said the Moody’s report ”does not cite either primary or secondary data or research in support of the opinions presented in it”.

The Aadhaar card, which is issued by the Unique Identification Authority of India (UIDAI), has a unique number tied to an individual’s fingerprints, face and eye scan.

Moody’s in its report had said that Aadhaar’s system often results in service denials, and questioned the reliability of biometric technologies, especially for manual laborers in hot, humid climates.

The ministry, addressing the concerns, said that payments to workers under schemes like the country’s Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) is made by directly crediting money in their account and does not require the worker to authenticate using their biometrics.

The government also said that Moody’s in its report ignores that biometric submission is also possible through contactless means like face authentication and iris authentication.

Retorting concerns made by the investors service on security and privacy vulnerabilities posed by Aadhaar, the government said that till date no breach has been reported from the Aadhaar database.

India’s Supreme Court in 2018 upheld the validity of Aadhaar, but flagged privacy concerns and reined in a government push to make it mandatory for everything from banking to telecom services.

(Edited by : Anshul)

First Published:Sept 26, 2023 8:35 AM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
3-fund portfolio: What it is and how it works
3-fund portfolio: What it is and how it works
Jun 25, 2024
Much of the investing and financial advice landscape is complex, and often unnecessarily so. For most people who are saving for retirement, a portfolio that holds a combination of stocks and bonds will be the best path for achieving their goals. This simple approach can get complicated quickly, however, with advisors recommending different funds and changing asset allocations based on...
Homebuilder stocks: Lennar, KB Homes reports offer hope for a bounce back
Homebuilder stocks: Lennar, KB Homes reports offer hope for a bounce back
Jun 21, 2024
Homebuilder stocks, which include stocks of companies like DR Horton ( DHI ) and Lennar ( LEN ), have presented a puzzling picture this year. While they enjoyed significant gains in recent years, their performance has dipped since March. As of Thursday afternoon, Toll Brothers ( TOL ) was down 11 percent, Lennar ( LEN ) 13.5 percent, and DR...
How to invest in commodities
How to invest in commodities
Jun 25, 2024
Commodities are often overlooked as a component of an investment portfolio, with many financial advisors recommending only allocations of stocks and bonds (or funds holding those two asset classes). But some experts argue that investors need further diversification in their portfolios to help reduce risk and smoothen out returns. And that's where commodity investing comes in. Commodities, such as precious...
Time is on your side: A guide for millennials to start investing with confidence
Time is on your side: A guide for millennials to start investing with confidence
Jun 24, 2024
Millennials haven't had it easy. Growing up, the generation born between 1981 and 1996 experienced the attacks on Sept. 11, subsequent wars, the worst recession since the Great Depression, a student loan crisis and a pandemic. It's understandable why they may not have had saving and investing for retirement at the top of their minds. But with most millennials finished...
Copyright 2023-2026 - www.financetom.com All Rights Reserved