A countries transformation growth needs economic access to poor participation . Poor participation is the main point to diversion of resources from the poor to beetter infrastructural and institutions . The poor rarely consume less according to their earnings although they are falling uncertainty on employment , income , output . So they opting for saving at different cheating fund , bank and non-formal credit provider also take credit at their needed time with multiple time interest burden on them . By this Unique Identification Number (UID) they will be save about their financial institution ,pension , provident Fund tranfer , Microc insurance and credit to the common mass will be getting so easily transaction through the Unique Identification Number (UID)
Financial inclusion need some broad concept of know your customer policies and through this UID that financial inclusiveness will will be convert to Financial Inclusiveness. It is taking the micro payment through different organisations by truly accessing by the by the poor and also the rich . Some of the challenges of inclusive financial transaction / circulation.
KYC : Know your Customer
KYC norms and condition needed the subtotal deep micro system of all the true customer of the Organisation . by this inclusion KYC challenges & needs the micro form of identity like biometric reading , DNA studies and different digital system . It will help to easily accessing to the financial transaction of the poor class people and also the migrant people for mobility and transitory wok are less likely to have their relevant identity , document and acceptable substitution.
Slow process in Financial Grievance and governance :
Due to heavy red tappism in Indian democracy , it required a along time to approve a financial sanction or financial grievance against the miserable class people . A transfer of banking fund from urban to remote sensing village for payment of MGNRGES, Janani surkhya Yojan benefits , Sarva Sikhya Abhijan ( SSA ) salaries , pensions from different agencies a long waiting time for the ultimate beneficiaries . So Unique Identification Number (UID) will realising the total accessibility an good beneficial on financial transaction
Storing Saving safely
The lack of access to banking services for the poor also makes the safety of their saving which the middle class taken for granted , a challenge . Absence of safely and storing at home the poor resort to other means to ensure the security of their money including investment or lending investments or lending to friends an families .
Challenge for banks:
absence of profit motive by banking sector financial inclusion need to access to the remote areas with their residuals. It needs a micopayment of funds and infrastructural and also on IT. A good alignment process is needed for inclusive growth with integrating all policies and programme by Govt. poor accessibility , with business correspondence and their objective with public governance of the nation. Micro payment made easy the process of all these through timely and appropriate amount of transfer of resources to the scarce end .
Active a good responsible technological environment
National payments corporation of India ( NPCI ) has been setup a national payment infrastructure for modern branch less payment like mobile banking to the customer, Internet banking and here micro payment required security of both the customer data and here micropayment required security of both bank and customer interest for transaction.
Scalable model with UID enabled micropaymet :
a scalable model with UID enable micropayment of which is merged with bank account , through this UID is bearing the biometric test and biometric device or pay for enrollment agencies to travel from village to village to acquiring customer .
So KYC policies of the bank easily access to this KYC policies and cost less on the documentation to both bank and customer. It is also enable the branch less banking sector .
Pointing towards the pinpointing of tax evader :
By integrating all the tax payer through pinpointing and capture all th tax bilk of both VAT of the village . By consuming micropayment they are caught under tax evasion . So that it is capture the non- payment of taxpayer and it leads to eradicate the fiscal deficit of the nation with including a better financial inclusiveness of all of these .
Anti corruption with better e-Governance :
UID enable the people against corruption and encourage them for better working environment for all . Better governance need for better allocation , absence of red tappism and mis-allocation of resources . By providing this UID card it is also locating the particular allocation of resources.
Abolition of Anti – social Works :
Abolition of anti- social works or asocial formalities of the people like robbery , terrorism, naxalities . I have a suggestion here that let's count this card as social Security card for every one
So that we can use it as social security No. which is enable our card to purchase any good every where we need. We can't access the inactive card which have go through the anti social work and terrorism.
By providing all these we need abetter IT enable infrastructure areas or village . Let's take some space our satellite to enable all these technology to be very fruitful social security measure of our nation.
Conclusion:
There are different Govt. initiation are taken for different goal and though doe to social , corruption , asocial enabled community is made by terrorism, or naxalities it disturb the smooth growth of all the development and the planning at different level. Through this Unique Identification Number (UID) which enables with biometric signature , so that it requires a better integrative responsible social security logo of the nation. By which we can trust and we can believe the total quality e- governance of the people with better better technical enable card of the nation Micropaymen is our awareness towards developed India in2020. Our vision should be a technically strong vision of the nation a smooth regulated market need good buyer , seller , . Unique Identification Number (UID) is made for bridging the mis- understanding between them through micro payment . So this nice process need s forward hands to make Adhar a thriving nation with better financial inclusiveness is for “ Access to finance for all that cherished along held objective and turning point for India as it make developmental studies is well within reach.
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