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Finance Ministry makes Aadhaar linking mandatory for PM Vaya Vandana Yojana

BusinessToday.In     December 26, 2019

The Finance Ministry has made it mandatory for Pradhan Mantri Vaya Vandana Yojana (PMVVY) beneficiaries and applicants to submit their Aadhaar number or undergo Aadhaar authentication. The pension scheme is implemented through LIC for senior citizens.

According to the notification by the ministry issued on December 23, if the individual does not have Aadhaar number then he or she would have to enrol in order to avail the benefits of the PMVVY.

Once the Aadhaar enrolment is done, the applicant must submit their Aadhaar enrolment identification slip and one of the following documents:

  • Bank passbook or post office passbook with photo
  • Voter Identity card
  • Ration card
  • PAN card
  • Driving licence
  • Passport
  • MGNREGA card
  • Kisan Photo Passbook
  • Certificate of identity with photo issued by a gazetted person on an official letterhead
  • Any other document as specified by the department

The notification also says that if Aadhaar authentication fails due to issue with biometrics then the individual must opt for other methods such as Aadhaar one-time password (OTP), time based password with limited time validity, Aadhaar verification with QR code, face authentication or Integrated Risk Information system.

Aadhaar authentication was not mandatory in the scheme previously. This move comes as the government aims to bring in more transparency to reduce instances of fraud and impersonation.

The PMVVY scheme for senior citizens was launched by the government on May 4, 2017. The aim of the scheme was to provide additional investment avenue that would extend a helping hand to the senior citizens in their income needs. Senior citizens can invest up to Rs 15 lakh in the PMVVY scheme. The last date to invest is March 31, 2020.

Also read: PAN-Aadhaar linking deadline Dec 31; everything you need to know

Also read: Privacy breach not a key concern for 92% Aadhar card holders: Report

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