On September 26^th, the Supreme Court finally came out with its verdict on Aadhaar, a much-awaited judgement, with petitions pending for over six years. The 1448 page document has upheld the constitutional validity of Aadhaar, but put restrictions on its use (Bloomberg Quint, September 26, 2018). While Aadhaar can be used for delivery of government benefits, the number cannot be mandatory for opening bank accounts, mobile - phone connections etc. (Mint, September 27, 2018). By striking down Section 57, it is unclear whether private companies (fintech, banks etc.) can use e - KYC as a voluntary option for customers. As e - KYC is much cheaper than paper - based KYC, this will impact the financial inclusion mission to spread low cost banking and financial services across India.

Going ahead, the judgement has given the customer rights to his data, but we still need a privacy law and data sharing protocols. Further, under DBT, where Aadhaar has been allowed, it is important for the government to focus on implementation glitches, address exclusion errors honestly and give beneficiaries a seamless transfer and transparent grievance redressal. The MicroSave study in Uttar Pradesh tracking DBT of in-kind benefits to elementary school  and secondary school students gives excellent insights on addressing issues in delivery, preferences of beneficiaries and the grievance mechanism.

• ICFI Blog: The road to financial inclusion through banking gets rockier, September 2018
• Closing India's Gender Gap in Financial Inclusion - Policy Brief, June 2018
• India's Direct Benefit Transfer Program-An Update - Policy Brief, May 2018
• ICFI Blog : Policies for India's Digital Economy - an update, August 2018
• Pradhan Mantri Jan Dhan Yojana Progress Report
• RBI Electronic Payment Systems – Data

• RBI bars Bandhan Bank from opening new branches, freezes CEO's compensation 
• Aadhaar verdict – SC strikes the right balance between delivery of benefits and privacy
• India’s enabling triangle for financial inclusion
• Aadhaar verdict: Telcos, banks & financial companies may feel the pinch 
• Companies eyeing rural India to usher in the next wave of growth
• Govt announces states' financial inclusion index, easy online MSME loans
• Post office solutions: the challenges facing India Post Payments Bank
• PCI on MDR sharing: Banks not playing fair with acquirers
• Winter is coming: Digital disruption and its impact on the financial services industry
• Blankets and wine for financial inclusion – Beyond digital access
• It’s Time to Slow Digital Credit’s Growth in East Africa
• How Bangladesh Digitized Education Aid for 10 Million Families
• 4 Cyber Attacks That Threaten Financial Inclusion
• Listening to the Voice of the Customer: Social Media and Beyond
• China's Super Platforms: The Impact Question

• Barriers to Direct Benefit Transfers for Fertiliser Subsidy, MicroSave, September 2018
• Enablers for Direct Benefit Transfers of Fertiliser Subsidy, MicroSave, September 2018
• Guidelines on Mobile Money Data Protection, GSMA, September 2018