“Starting April 1 this year, that unique number will be linked to your bank account, to mutual fund investments, to insurance policies, and to phone numbers as well,” he says. This will, for the industry, bypass all the onerous paperwork that involved filling multiple forms, taking signatures and signing photographs. According to Bajaj, under the new laws, the Aadhaar number is also a signature. “That means you can use that ‘Aadhaar signature’ for a number of things,” he says. “All that you need to do is send the customer a one-time password, which is used to verify his signature, and then you can use it to sign a bank document, a mandate, or a loan document.”
