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Validate ID of bank loan seekers via UIDAI, Income tax dept: Survey

Validate ID of bank loan seekers via UIDAI, Income tax dept: Survey

Friday, January 31, 2020, 3:52 PM

The Economic Survey 2019-20 has proposed the creation of a GSTN like entity called PSB Network(PSBN) and the use of Machine Learning and artificial intelligence to help banks avoid frauds. Under the Public Sector Bank Network (PSBN) the Survey has suggested the use of UIDAI, Udyog Aadhaar and Income Tax Department as identity verification agencies to validate the identity of customers seeking a loan.
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