6. Monetary Policy & Banking - VA Flashcards
(10 cards)
What is the context behind the government’s push for e-KYC verification?
The government is promoting e-KYC verification to ensure rightful targeting of beneficiaries in welfare schemes, aiming to reduce fraud and improve efficiency. However, this drive has proved exclusionary for many, especially those lacking digital access or facing data mismatches.
Reference to the challenges faced by individuals in accessing welfare schemes due to e-KYC.
What is a key consequence of shifting to e-KYC verification in India?
A key consequence is that many individuals, particularly in rural or underserved areas, are excluded from benefits due to lack of access to technology, errors in government databases, or biometric mismatches.
Highlights the impact of digitalization on welfare access.
Cloze: e-KYC is a digital process using ___, digital document uploads, and government databases (like ___) for identity verification.
biometrics; Aadhaar
Explains the technical components of e-KYC.
Cloze: In e-KYC, the burden of proof has shifted from ___ to ___.
individuals; service providers
Discusses the change in accountability within the verification process.
Cloze: Digital data mismatch and exclusion are rising, especially in ___ India.
rural
Emphasizes the geographic disparities in digital access.
What are the important keywords for e-KYC verification and burden of proof?
- e-KYC
- Digital identity
- Burden of proof
- Data security
- Biometric verification
- Accessibility
- Legal compliance
- Digital exclusion
- Multi-factor authentication
- Regulatory framework
Lists key terms relevant to the topic.
What are the main issues with e-KYC verification? (Crisp bullet points, 2-3 keywords each)
- Data security: privacy, breaches
- Accuracy: technical glitches, database errors
- Accessibility: digital divide, rural exclusion
- Legal compliance: complex regulations
Summarizes the challenges faced in e-KYC implementation.
What are the main solutions for e-KYC verification challenges? (Crisp bullet points, 2-3 keywords each)
- Robust frameworks: data security, accuracy
- Multi-factor authentication: enhanced verification
- Regular audits: process improvement
- Support: digital access, rural outreach
Suggests practical measures to address identified issues.
What is the way forward for e-KYC verification in India? (Crisp bullet points, 2-3 keywords each)
- Strengthen legal frameworks
- Invest in digital infrastructure
- Promote digital literacy
- Ensure inclusive access
Proposes future directions to enhance e-KYC effectiveness.
What are some value addition points for an exam answer on e-KYC verification?
- Reference to Aadhaar and digital data mismatch cases in rural India
- Mention the shift of burden of proof to service providers
- Highlight the need for multi-factor authentication and regular audits
- Note the importance of legal and regulatory compliance
- Use real-world examples of exclusion and data security breaches
Provides tips for crafting a comprehensive exam response.
