The Aadhaar project is aimed at elimination of duplicate and fake identities, which is intended to save considerable resources of the government as well as beneficiaries through hassle-free, cost-effective and online verification/authentication processes. The implementation of the project is paving the way for the banks to achieve Financial Inclusion agenda besides providing ample opportunities for business development by adopting appropriate cost-effective innovative strategies i.e., Branchless Banking Models (Business Correspondents), which is the need of the hour.

The Unique Identification Authority of India (UIDAI) was established by Government of India with an objective to implement Multipurpose National Identity Card or Unique Identification Card (UID Card) in India. This project is part of the Planning Commission and headed by Nandan Nilekani, a former co-chairman of Infosys Technologies. It is aimed to issue a unique identification number to all Indian residents with intent to eliminate duplicate/fake identities and to put hassle-free, cost-effective verification/authentication system in place thereby to save considerable resources of various User Departments as well as beneficiaries at large.

UID project gives a big push to the government's financial inclusion agenda and also provides the strong foundation to deliver better services and paves the way to improve the operational efficiency of the system. It will be helpful in better monitoring and targeting of social benefits and employment programs. Further, it paves the way to synergies among various ID initiatives i.e., Voter ID, Passports, Ration Cards, Licenses, Fishing Permits, Border area ID cards, etc. Addressing illegal immigration and associated risks is another goal of the program.

The UIDAI unveiled new name and logo and the Unique ID number will now be known with brand name AADHAAR. The logo represents a new dawn of equal opportunity for each individual and the sun symbolizes a promise that shines on all residents equally.

The Analyst Magazine, AADHAAR, Aadhaar Project, Business Development, Online Verification Processes, Financial Inclusion, Branchless Banking Models, Multipurpose National Identity Card, Unique Identification Card, Authentication Systems, Employment Programs, Biometric Parameters, Below Poverty Line, Budget Allocations, Microfinance Institutes, Government Funds, Business Correspondents, Financial Products, Virtual Banking, Business Development.