Role of UIDAI in financial inclusion

The extent of financial exclusion is acute in india.Presently almost half of the population is unbanked. Financial service is one of the most important requirements for the current excluded segment. one of the key objectives of constitute UIDAI is to extend the delivery of financial services to the currently excluded.UID plays a key role in the financial inclusion by providing national portability of identity of migrant populationwhich would give them access to basic services such as banking and telecom services. UIDAI has partnered with various stakeholders including RBI, a National Payments Corporation of India, IBA and banks to develop for financial inclusion. Financial inclusion is expected to be a key application of Aadhaar authentication. Adoption of Aadhaar and Aadhaar authentication in the Indian banking system is expected to change the financial landscape of the country.