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India’s cooperative banks gain easier access to Aadhaar-based services, boosting rural financial inclusion.
Cooperative banks in India can now access Aadhaar-enabled payment services under a simplified framework by UIDAI, enabling authentication and eKYC services previously restricted by cost and compliance hurdles.
Only 34 state cooperative banks will register as authentication and eKYC agencies, while 351 district central banks can use their state banks’ infrastructure, reducing costs and IT complexity.
This move aims to enhance financial inclusion in rural and semi-urban areas, supporting the government’s goal of inclusive growth through cooperative banking.
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Los bancos cooperativos de la India obtienen un acceso más fácil a los servicios basados en Aadhaar, impulsando la inclusión financiera rural.