The Supreme Court said that that Aadhaar has been unable to stop banking frauds. The remark came after a series of multi-crore bank frauds.
Justice DY Chandrachud stated that Aadhaar is not a catch for all frauds.
While Justice AK Sikri asserted, “When loans are given by a bank, you know the person. The loan does not become a Non Performing Asset (NPA) unless banks are hand-in-glove. NPAs occur because banks haven't taken due diligence, which ought to have been carried out.”.
Attorney General KK Venugopal said, “If there was due diligence at the bank level, incidents like Nirav Modi would not have happened.”
However, Venugopal argued that, “If Aadhaar is linked to bank accounts, whenever there is a transaction it will be revealed.”
