UID: The facilitator for implementation of IBAN/UAN in India

• Published in: Splint International Journal of Professionals Vol. 3; no. 3; p. 169
• Main Authors: Ahuja, Mallika, Shivnani, Teena
• Format: Journal Article
• Language: English
• Published: Bhubaneswar Splint International Journal of Professionals 01.03.2016
• Subjects: Accounting; Banking industry; Banks; Costs; Electronic government; Identification documents; Information technology; Personal identification numbers; Social security numbers; Studies; India
• ISSN: 2349-6045

UID (Unique Identity Number) which is also commonly known as the Adhaar in India. Has rightly become the Aadhar or the base of many welfare schemes being provided by the Government of India. The need for this Unique Identification number cannot be dispensed with. Linking of UID with the innumerable social security schemes has lead to their successful implementation. As the benefits of these schemes have been reverted to the people for whom they have actually been launched. This immensely popular concept can rightly lead the way for the implementation of a new concept of IBAN/UAN (International Bank Accounting Number/Unique Accounting Number). This is not an alien concept as it has been adopted worldwide. The IBAN has found its origination in Europe. Also has been immensely successful in many other parts of the world. It stresses upon the need of a unique bank A/c number structure for all the accounts a customer operates across all the banks. This concept renders itself to multiple benefits of humongous intensities. It is worth mentioning here that the implementation of IBAN/UAN can draw an inspiration from the largest E-Governance project introduced in India in the form of UID. The paper brings to light the need for the implementation of IBAN/UAN. Also themanner in which UID can be of help in its implementation. Being a researched based paper it includes the summation of responses of bankers of some of the leading banks across the city of Jaipur.