India's unique identification project, Aadhaar, is gaining traction and has potential to transform the Indian banking industry.

In a recent
study the economists Ravi Bapna, SOBACO director, and Arun Sundararajan, NYU
Stern, noted that the Aadhaar has been successful in enrolling Indians who
didn't have any form of ID at all. These newly registered Indians have until
now been excluded from banking services, government aid, and numerous other
facilities that demanded identification.

As the
number of Aadhaar enrollees reaches the millions, it opens up an opportunity
for innovation in a broad range of sectors.

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