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You cannot be a complete fintech as now it will be more physical and paper-based verification since you can’t authenticate them digitally. A lot of lending platforms will get impacted because the cost is going to go through the roof, and it will be difficult to onboard new customers. You can’t afford Rs 200-500 verification cost for a loan of Rs 20,000.Rajiv Raj, Co-Founder, CreditVidya
While upholding Aadhaar in principle, the court has come back to the principle that Aadhaar should be meant for giving benefits to the common man. The second part is to ensure that Aadhaar should not be commercially exploited and not become a vehicle for greater governmental control. It is a balancing act.Sidharth Luthra, Senior Advocate
The fifth judge, Justice Ashok Bhushan, has also concurred with the Majority judgment in the Aadhaar verdict.
Data collected by telecom companies through Aadhaar linkage should be deleted, says Justice Chandrachud in his dissenting judgment.
Aadhaar: A Quick Summary Of The Supreme Court Majority Order
The mandatory linking of bank accounts with Aadhaar has also been quashed, Justice Sikri said in his order.
The DoT notification of linking SIM cards with Aadhaar has been held unconstitutional, Justice Sikri said as a part of the majority judgment.
The apex court has held that the Aadhaar Act could be passed as a money bill.
Petitioners had argued that provisions of the Aadhaar Act which do not fulfill the criteria of a money bill cannot be removed once the bill has been passed. Hence, the entire law needs to be struck down.
Educational boards such as CBSE and UGC who have made the need for Aadhaar mandatory, cannot do so, Justice Sikri said.
Section 57: Act not to prevent use of Aadhaar number for other purposes under law. “Nothing contained in this Act shall prevent the use of Aadhaar number for establishing the identity of an individual for any purpose, whether by the State or any body corporate or person, pursuant to any law, for the time being in force, or any contract to this effect:…”
Note: Section 33(1) says the person whose data is sought to be released will be given an opportunity of hearing before an order of information disclosure is passed.
Court has come to conclusion that minimal demographic and biometric data is collected.Justice Sikri
Essential documents to read:
— Apar Gupta (@apargupta84) September 25, 2018
1. Shyam Divan's opening statement : https://t.co/9bIRIRSvmR
2. CU Singh's closing summary: https://t.co/P8mDZqppuS
There are many more brilliant notes of senior advocates in this case, but these are excellent short primers on the entire case.
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