From cheating banks to faking identity, Aadhaar frauds peak in 2018: Report

At a recent court hearing, UIDAI admitted that 6% of Aadhaar authentication requests using fingerprints transactions are known to fail

In January 2018, eight persons were arrested in Chandigarh for purchasing expensive mobile phones with fraudulent loans secured using fake Aadhaar cards. The accused, among whom were former bankers and employees of a finance company, had placed their own photographs on others’ Aadhaar cards to secure bank loans, and were booked for cheating, fraud, forgery and criminal conspiracy under the relevant sections of the Indian Penal Code.

This is just one among the 73 incidents of misuse of the Unique Identity Authority of India’s (UIDAI) Aadhaar programme that have been reported in the English-language media so far this year (up to May 7, 2018). This averages nearly four incidents each week, as per a new database created by independent researchers Anmol Somanchi and Vipul Paikra.

Of these, 52 cases involved fake or forged Aadhaar numbers–coming up with entirely new Aadhaar enrolment based on fake details, or forging existing cards by replacing certain details like photographs–and 21 involved Aadhaar-related banking frauds.

In the six years since the launch of the Aadhaar programme in September 2011, 164 cases of forged or fake Aadhaar numbers and Aadhaar-related banking frauds have been reported in the English-language media, thedatabase noted. These include 123 cases of fake or forged Aadhaar numbers or cards and 41 cases of Aadhaar-related banking fraud.

“This database does not include the whole gamut of reported incidents of Aadhaar-related fraud and forgery,” Somanchi told IndiaSpend. “We had initially included Hindi reports and found more such incidents. However, since we couldn’t include all other regional languages we restricted the database to English news reports.”

Several attempts to reach out to the UIDAI for comment on the findings of the database met with no response. On April 30, 2018, IndiaSpend reached out to the office of the chief executive officer of UIDAI via email. On May 2, 2018, we reached out again and were told by the communications team that UIDAI would get back to us. On May 3, 2018, IndiaSpend reached out a third time, telephonically. On May 8, 2018, we sent out a third email.

The story will be updated with the Authority’s response when we receive one.

Lack of clarity

“The ambiguity around Aadhaar has led to an increasing number of cases where citizens are swindled of their money,” Somanchi said. “India is still grappling with limited financial, technological literacy–people aren’t sure of what they should or should not share and the authorities have failed to provide that clarity.”

Upcoming bank and government exams in 2017

The candidate should be careful while filling out the application

More than 1.5 crores candidates took up the bank exams of IBPS (Institute of Banking Personnel Selection) in the last three years and vacancies in the Indian banks equaling 68000 were occupied.

When it comes to making a career choice that promises security and financial stability, bank jobs in India have always been roped in first. Public sector banks are getting a tough competition from private banks. As a result, they are reaching out to rural and semi-urban areas. Despite the rise of Information Technology, millions of people still prefer bank jobs and apply for various positions in public sector banks.

Here’s the list of upcoming bank exams and jobs in 2017. It also features other government exams.

Listed are the important details regarding the Bank Exams and jobs for the year 2017-18:

How to Apply for SBI Management Executive Recruitment:

An aspiring candidate should have their valid active email ID for better communications regarding results other important announcements. It helps them receive Call Letter/Interview Advices and other important documents by email. The candidate has to register online through the Bank’s website https://bank.sbi/careers and www.sbi.co.in/careers and pay the application.
The candidate should scan their latest photograph and signature. This is essential for online application otherwise the application would be invalidated.

The candidate should go the bank’s website (www.bank.sbi/careers/) and (www.sbi.co.in/careers). In the Recruitment link, select the suitable online application format. Read more

Nifty hovers above 8,550; Tata Motors up 4%

Nifty hovers above 8,550; Tata Motors up 4%

Markets have shrugged off the clearance of GST in the upper house and are trading in a narrow range with Sensex and Nifty swinging between negative and positive zone.

By 10:25 am, the S&P BSE Sensex was up 48 points at 27,746 and the Nifty50 gained 14 points to trade 8,559. Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.5% each.

"Contrary to popular belief, the passage of the GST Constitutional Amendment marks only the beginning of a fairly tedious procedure that should ultimately result in the implementation of a unified GST in India at best by 2HFY18. Even as the adoption of a unified GST is one of the most remarkable tax reforms from a long-term perspective, in the short-term we highlight that this is likely to result in (1) a mild pick-up in inflation as hitherto untaxed goods and services are now brought under the tax net, (2) a meaningful loss of jobs in the informal sector as this sector will no longer be able to fly under the radar of the taxman and (3) consequently trigger pro-electorate measures in the form of higher revenue expenditure from FY18 onwards as the Modi-led BJP Government begins preparing for the 2019 General Elections," adds Ritika Mankar Mukherjee, Senior Economist, Ambit Capital.(more)

Subramanian Swamy fires fresh salvo, targets CEA Arvind Subramanian

Subramanian Swamy fires fresh salvo, targets CEA Arvind Subramanian

Bharatiya Janata Party (BJP) leader and Rajya Sabha MP Subramanian Swamy on Wednesday said that he wants Chief Economic Advisor (CEA) Arvind Subramanian to be sacked, alleging the CEA had badmouthed India in the international arena and had also encouraged the Congressto adopt a rigid position on the GST Bill.

Earlier in the day, Swamy had launched a Twitter attack on Subramanian after some reports over the past few days suggested the CEA could be a probable successor to Rajan. He also directly called for the sacking of the CEA.
Swamy raised charges similar to those he had used against outgoing RBI Governor Raghuram Rajan, saying that the CEA was a 'green card holder' and was probably not an Indian citizen. Incidently, both Rajan and Arvind Subramanian have worked at the IMF.

"He used to work in America and he is also a green card holder type. I don't even know if he is a citizen or not but I'm sure he has a green card. There was this American Congress Committee for pharmaceutical purposes and they held a hearing to figure out India's opinion on the matter. There he said in a statement that India was not working according to America in this matter and for that, they should be taught a lesson in WTO. How can we can such a person an advisor here?," Swamy said.

He added that when Arvind was appointed by the Indian government, he gave a note to the Finance Ministry asserting that the clauses demanded by the Congress in the GST Bill were absolutely justified. Read More.

Latest developments in India's NSG bid

Latest developments in India's NSG bid

The admission of India into the Nuclear Suppliers Group (NSG) is taking new turns every day. China has now lowered its stance against India's membership by saying that NSG is open to discussing the entry of the countries who have not signed the Non Proliferation Treaty (NPT).

The 48- member club manages the flow of nuclear technology all over the world, with an aim to ensure the non proliferation of nuclear weapons and technologies. India has been vying hard for years to be part of this group as it would help the nation gain access to a plethora of new technologies, reduced depence on conventional sources of energy, among others.

This year with firm support from nations like United States, United Kingdom, Russia, India has a bright chance of getting into NSG. But, Pakistan with the backing of China is hell-bent on blocking this with the argument that the admission of a non-NPT signatory into the group is discriminatory. It says that all the nations who have not signed this treaty should be considered for the entry into the group.

China firmly supports this stand of Pakistan and says that they are not against India's admission to NSG but then Pakistan's membership should also be discussed. Earlier, the Chinese foreign ministry said the issue of India's membership to the 48-member group wasn't even on the agenda of the NSG's plenary meeting in Seoul. On Monday, Chinese Foreign Ministry spokesperson Hua Chunying Beijing said: "We understand that non-NPT countries are concerned about their entry into the NSG. But since NSG is still divided about the issue, so it is still not mature to talk about the entry issue in the annual conference in Seoul."Read more.

Latest developments in India's NSG bid

Latest developments in India's NSG bid

The admission of India into the Nuclear Suppliers Group (NSG) is taking new turns every day. China has now lowered its stance against India's membership by saying that NSG is open to discussing the entry of the countries who have not signed the Non Proliferation Treaty (NPT).

The 48- member club manages the flow of nuclear technology all over the world, with an aim to ensure the non proliferation of nuclear weapons and technologies. India has been vying hard for years to be part of this group as it would help the nation gain access to a plethora of new technologies, reduced depence on conventional sources of energy, among others.

This year with firm support from nations like United States, United Kingdom, Russia, India has a bright chance of getting into NSG. But, Pakistan with the backing of China is hell-bent on blocking this with the argument that the admission of a non-NPT signatory into the group is discriminatory. It says that all the nations who have not signed this treaty should be considered for the entry into the group.

China firmly supports this stand of Pakistan and says that they are not against India's admission to NSG but then Pakistan's membership should also be discussed. Earlier, the Chinese foreign ministry said the issue of India's membership to the 48-member group wasn't even on the agenda of the NSG's plenary meeting in Seoul. On Monday, Chinese Foreign Ministry spokesperson Hua Chunying Beijing said: "We understand that non-NPT countries are concerned about their entry into the NSG. But since NSG is still divided about the issue, so it is still not mature to talk about the entry issue in the annual conference in Seoul."Read more.

Rajan's exit another sign of PM's unwillingness to change things: Jim Rogers

Rajan's exit another sign of PM's unwillingness to change things: Jim Rogers

The markets regained lost ground on Monday after a knee-jerk reaction to Reserve Bank of India (RBI) Governor Raghuram Rajan’s decision over the weekend to quit after his term ends. Jim Rogers, chairman of Rogers Holdings and author of Street Smarts: Adventures on the Road andin the Markets, tells Puneet Wadhwa that Prime Minister Narendra Modi knows what needs to be done in India, but is reluctant to do it. The markets, he says, may react negatively in the short run, but will go up once the new governor takes charge and prints more money. Edited excerpts:

What is your interpretation of the sudden exit by the Reserve Bank of India (RBI) governor?

This is more of the same from Mr Narendra Modi. He always talks of making changes in India, but he doesn't. He has got his own people and he is also putting more of his people in power. He does not like Raghuram Rajan , who recently quit as the central bank head because he was cleaning up the banks and was against crony capitalism. So, Mr Modi knows what needs to be done in India, but is reluctant to do it. Mr Modi ran his election campaign on the platform that he is going to change and save India. Unfortunately, he hasn't done much of that till now. This (Raghuram Rajan's exit) is just another sign of unwillingness of Mr Modi to change things.Read more.

Why PM Modi should ignore Subramanian Swamy's letter to sack Raghuram Rajan

Subramanian Swamy, BJP’s newly nominated member to the Rajya Sabha, recently said that Reserve Bank of India governor Raghuram Rajan should be removed from his post.

In a fresh salvo at Rajan, Swamy has written to Prime Minister Narendra Modi seeking immediate sacking of the former IMF Chief Economist while alleging he was "mentally not fully Indian" and has "willfully" wrecked the economy.

Following up his barb against Rajan at the end of Parliament session last week, Swamy yesterday wrote to Prime Minister seeking termination of Rajan's services with immediate effect.

According to Swamy, Rajan has hiked interest rates "in the garb of controlling interest inflation", which has "damaged the country", and that he was responsible for “unemployment and collapse of industrial activity".Read more.