logo
EPFO UAN Allotment Now Only via Aadhaar Face Authentication on UMANG App

EPFO UAN Allotment Now Only via Aadhaar Face Authentication on UMANG App

Hans India2 days ago
Starting August 1, 2025, the Employees' Provident Fund Organisation (EPFO) has made it mandatory to use Face Authentication via Aadhaar to generate a Universal Account Number (UAN). This new rule applies to most users and must be done through the UMANG App.
What Changed?
From now on, UAN will only be given using Aadhaar-based Face Authentication.
This change makes the process faster, more secure, and fully online.
It removes the need to ask your employer to generate UAN.
Who is Exempt?
International workers
Citizens of Nepal and Bhutan
These groups can still get their UANs through their employer.
What You Need
To use the new system, you must have:
A valid Aadhaar number
A mobile number linked to Aadhaar
The UMANG App and Aadhaar Face RD App
Available Services on UMANG
As per EPFO's circular (dated July 30, 2025), these services are now available:
UAN Allotment and Activation
UAN Activation for Existing Users
Face Authentication for Existing UANs
How to Get Your UAN (Step-by-Step)
Open UMANG App Tap "UAN Allotment and Activation" Enter Aadhaar number and mobile number Tick the box to give consent → Tap Send OTP Enter the OTP received on your phone Tap on Face Authentication → Allow the scan via Aadhaar Face RD App
Your UAN will be generated and sent by SMS
Why This Is Good
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

U.S. government gets a year of ChatGPT Enterprise for $1
U.S. government gets a year of ChatGPT Enterprise for $1

The Hindu

time11 minutes ago

  • The Hindu

U.S. government gets a year of ChatGPT Enterprise for $1

OpenAI on Wednesday said it was letting the U.S. government use a version of ChatGPT designed for businesses for a year, charging just $1 for the service. Federal workers in the executive branch will have access to ChatGPT Enterprise in a partnership with the U.S. General Services Administration, according to the pioneering San Francisco-based artificial intelligence (AI) company. "By giving government employees access to powerful, secure AI tools, we can help them solve problems for more people, faster," OpenAI said in a blog post announcing the alliance. ChatGPT Enterprise does not use business data to train or improve OpenAI models and the same rule will apply to federal use, according to the company. Earlier this year, OpenAI announced an initiative focused on bringing advanced AI tools to U.S. government workers. The news came with word that the U.S. Department of Defense awarded OpenAI a $200 million contract to put generative AI to work for the military. OpenAI planned to show how cutting-edge AI can improve administrative operations, such as how service members get health care, and also has cyber defense applications, the startup said in a post. OpenAI has also launched an initiative to help countries build their own AI infrastructure, with the US government a partner in projects. The tech firm's move to put its technology at the heart of national AI platforms around the world comes as it faces competition from Chinese rival DeepSeek. DeepSeek's success in delivering powerful AI models at a lower cost has rattled Silicon Valley and multiplied calls for U.S. big tech to protect its dominance of the emerging technology. The OpenAI for Countries initiative was launched in June under the auspices of a drive, dubbed 'Stargate,' announced by U.S. President Donald Trump to invest up to $500 billion in AI infrastructure in the United States. OpenAI, in "coordination" with the U.S. government, will help countries build data centres and provide customised versions of ChatGPT, according to the tech firm. Projects are to involve "local as well as OpenAI capital."

Private credit drives a 'Buy Now, Pay Later' lending boom in Asia
Private credit drives a 'Buy Now, Pay Later' lending boom in Asia

Business Standard

time11 minutes ago

  • Business Standard

Private credit drives a 'Buy Now, Pay Later' lending boom in Asia

By Kari Soo Lindberg, Claire Jiao, Olivia Poh and Ditas B Lopez Maria Hazel Regalado, a 48-year-old mother of four in the Philippines, needed a computer last year so she could work from home. Regalado, who helps manage rental properties in Australia, didn't have the cash or a credit card. A friend suggested she get a 'buy now, pay later' (BNPL) loan from Billease, an online lender. The computer cost 37,999 Philippine pesos ($664), almost as much as Regalado earns in a month. Still, Billease approved her application within minutes. She agreed to make 12 monthly payments of 4,493 pesos each, including principal and interest. The effective annual rate: 42 per cent. 'At first I was hesitant, but I didn't have much choice,' says Regalado, who lives in southern Manila and had four installments left as of mid-July. 'I really needed that laptop.' Lenders worldwide last year made $334 billion in BNPL loans, five times their value from five years before, according to technology analysis and consulting firm Juniper Research Ltd. In the US, merchants typically pay any fees, so customers get no-interest loans as long as they keep current. But the developing world has a different model: charging eye-­popping interest rates to cash-strapped borrowers. While Indonesia, Malaysia and Thailand have been tightening regulation and warning consumers about the cost and risk of BNPL loans, companies such as Manila-based First Digital Finance Corp., which operates as Billease, say they're opening up consumer finance in underserved markets. They're attracting investors with a socially responsible tilt, such as private equity giant TPG Inc.'s The Rise Fund, one of Billease's owners. Traditional lenders didn't want to take on the risks of extending this kind of credit, says Georg Steiger, Billease's chief executive officer and co-founder. 'Early on, banks were not very comfortable with the type of collateral that we can offer, which is basically secured against a loan book,' he says. So the booming $1.7 trillion private credit industry filled the gap. These lenders, which make loans outside both traditional banking and the world of publicly traded bonds, initially catered primarily to small and medium-size companies but have been expanding into consumer finance. Billease has tapped private debt investors including UK-based Lendable Inc., which has raised money from Shell Plc's charitable foundation, development banks and investment firms catering to wealthy families. So have two of its biggest competitors, both based in Singapore: Kredivo Group Inc. has borrowed from money manager Janus Henderson Group's Victory Park Capital Advisors, and Apaylater Financials Pte., which does business as Atome, has looked to the growing private credit operations of BlackRock Inc., the world's largest money manager. The private credit companies typically lend out money to Southeast Asian BNPL outfits at annual rates of 10 per cent to 15 per cent, making the deals attractive to the companies' investors. In Jakarta, Indonesia's capital, ads for the BNPL companies are almost inescapable both online and on billboards, city buses and commuter trains. One for Kredivo encourages customers to use BNPL loans for smaller daily purchases, even for train fares and items at convenience stores. 'It's that flexible!' the tagline reads. Huy Pham, a senior finance lecturer at the Royal Melbourne Institute of Technology Vietnam who specializes in financial technology, says BNPL loans can lead to splurges from consumers with unstable incomes, exposing both them and their lenders to growing risks. 'At the end of the day, if customers are not able to pay back the loans, then the platforms will be in trouble,' Pham says. Indonesia's BNPL-related debt in May reached almost $1.9 billion, up 40 per cent from a year earlier. According to the country's Financial Services Authority, 3.74 per cent was ­nonperforming—meaning borrowers were more than 90 days behind on their ­payments—up from 3.22 per cent a year earlier. 'Consumers should assess their ability to repay the debt before using 'pay later' services,' says Agusman, the agency official who supervises financing, venture capital, microfinance and other financial institutions. (Like many Indonesians, he goes by only one name.) The authority has been conducting financial literacy campaigns, aimed particularly at younger borrowers. It recently announced rules that will require individuals to be at least age 18 or married and have a minimum monthly income of 3 million rupiah ($184), just under Indonesia's average, before they can take out BNPL loans. Last year the regulator capped maximum daily interest rates for online personal loans at 0.3 per cent per day, which translates into an annualized rate of 109.5 per cent. BNPL loans can be controversial in Indonesia, a nation of 284 million that has the world's largest population of Muslims, whose religion forbids the charging or paying of interest. The Indonesian Ulema Council, the nation's top body of Islamic clerics, issued a legal opinion on online lending in 2021, saying the practice is 'problematic.' It cited 'usury practices with extremely high interest rates, borrowers failing to repay on time as agreed, and lenders threatening or even physically assaulting those who default.' Last year the government started requiring debt collectors to stick to certain scripts and visit debtors only during specified times. A 2023 paper by business school professors in Indonesia and Malaysia concluded that consumers generally had positive views of the online short-term loans despite what the academics called unethical ­interest rates and aggressive debt collection practices. 'People are borrowing beyond their means and buying things they cannot afford, because it's so easy to get loans,' says ­co-author Sri Rahayu Hijrah Hati, a professor of marketing at the University of Indonesia. 'People are borrowing beyond their means and buying things they cannot afford, because it's so easy to get loans' BNPL lenders say they obey debt collection rules and the rates they charge reflect the risks of the population they're serving. They say they don't purport to be compliant with Muslim law and most banks in the country also collect interest on loans. Andy Tan, Atome's chief commercial officer, says his company must contend with customers who disappear and erase their online presence, among other kinds of fraud. 'Credit risk is something we monitor day in and day out,' he says. Billease's Steiger says his company's borrowing cost is close to 20 per cent after factoring in the midteens rates it pays on private debt, foreign currency hedges, withholding taxes and other expenses. At the same time, he says, Billease is flexible with clients who need more time to repay their debt. He adds that the company keeps collections in-house, recording conversations between borrowers and the company to prevent rude behavior, and refrains from charging more in late fees than the loan's original principal. Kredivo CEO Akshay Garg says his company approves less than a quarter of its loan applications and primarily targets middle- and upper-class borrowers who are likely to repay. 'We're just lending to people who should be getting credit cards,' he says. Kredivo sends payment reminders to borrowers through its app and in emails, Garg says, and individuals get to keep the items they bought even if they default because the debt is unsecured. BNPL lenders are betting on customers like Alexandra Santos, a 31-year-old tech professional in Manila. In 2023 she wanted to tour the province of Albay, in the southeast of the Philippines' Luzon island and famous for its cone-shaped Mayon volcano. She funded the holiday with a Billease loan of 8,200 pesos, payable in six installments of 1,552 pesos each over three months. That included total interest of about 1,112 pesos—an effective interest rate of 13 per cent over the period, or 52 per cent on an annualized basis. Santos fully repaid the loan before its final due date and continues to borrow from Billease and other lenders. 'In our culture, being in debt carries a stigma,' she says. 'But in my view, it's not really bad to have debt as long as you know your financial responsibilities.' If she and most other customers can keep paying back their loans, the profit for Billease will be enormous. The company typically charges 3.5 per cent a month on its loans, but it also turns the money it lends over many times a year. Steiger has estimated the expected annual return on this cash: 90 per cent.

Nithin Kamath invests in company whose CEO helped Zerodha in early days
Nithin Kamath invests in company whose CEO helped Zerodha in early days

Hindustan Times

time11 minutes ago

  • Hindustan Times

Nithin Kamath invests in company whose CEO helped Zerodha in early days

Nithin Kamath's Zerodha has invested in Capitalmind Financial Services, a SEBI registered portfolio management service led by Deepak Shenoy. The investment was made through Rainmatter, which is Zerodha's long‑term investment initiative. Zerodha CEO Nithin Kamath (L) with Deepak Shenoy (C)(X/@Nithin0dha) In a post shared on social media, Nithin Kamath reflected on how life sometimes comes a full circle as he revealed that Deepak Shenoy was one of the first people to lend his name and credibility to Zerodha. Life comes a full circle for Nithin Kamath 'It is sometimes surreal how life comes full circle,' wrote the CEO of Zerodha on X. 'Deepak Shenoy was among the first people I spoke to about the idea of Zerodha. When we started, he agreed to lend his credibility by having his name on our website as an advisor,' he revealed. Kamath announced that he was happy to back Shenoy's Capitalmind with an investment through Rainmatter. According to a Moneycontrol report, Capitalmind recently received a mutual fund license. This investment from Rainmatter is its first external institutional funding. Early days of Zerodha Zerodha was founded in August 2010 by brothers Nithin and Nikhil Kamath. It began as a bootstrapped startup with the aim of democratising stock trading in India by reducing costs and improving transparency. The rest, as they say, is history. Zerodha is today widely recognised as India's largest stockbroker and has turned the Kamath brothers into billionaires. Responding to Nithin Kamath's post, Bengaluru-based Deepak Shenoy reminisced about the early days of Zerodha. 'Many thanks Nithin! I can't even believe that at one time, I had credibility to give to Zerodha!' he wrote. 'I remember carrying the early Zerodha forms in my Hyundai Accent in Gurgaon - telling people how much brokerage they would save'. 'We have been in discussion regarding the businesses for a long time and have known each other for years now. Rainmatter's investment philosophy has been non-interfering and there is a lot of synergy with Zerodha. We have spoken with Zerodha Fund House as well,' Shenoy told Moneycontrol.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store