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Finance Ministry announced mandatory linkage of Aadhar for PMVVY

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On December 23, 2019 the Union Ministry of Finance (MoF) in its latest notification has made it mandatory to submit the proof of Aadhaar number of senior citizens who have invested in the Pradhan Mantri Vaya Vandana Yojana (PMVVY). This move was done to bring transparency to financial processes and to reduce the incidence of frauds.Finance Ministry makes Aadhaar linking mandatory for PM Vaya Vandana YojanaPradhan Mantri Vaya Vandana Yojana(PMVVY):

  • PMVVY is a senior citizen pension scheme launched by the govt. on May 4, 2017 as a way of providing additional investment to senior citizens.
  • Investment of upto Rs. 15 lakhs can be made in this scheme.
  • Life Insurance Corporation(LIC) of India is the sole operator of PMVVY.
  • The scheme was announced in 2 versions, i.e., in the Union Budget 2017-18 and 2018-19.
  • Interest rate: The assured rate of return in the range of 8-8.3% is offered by PMVVY.
  • March 31, 2020 is the last date to invest in this scheme to avail the benefits by senior citizens.
  • Avail of the PMVVY benefits: To avail the benefit, the senior citizens will have to submit the Aadhaar enrolment Identification Slip along with any one of the following: bank passbook, voter identity card, ration card, PAN(Permanent Account Number) card, driving license, passport, MGNREGA(Mahatma Gandhi National Rural Employment Guarantee Act) card,  Kisan photo passbook, Certificate of identity having photo of such person issued by a gazetted person on an official letterhead etc.
  • Incase Aadhar authentication failed due to biometric issues, then the individual should opt for other alternative such as Aadhar one-time password (OTP),  time based password with limited validity, QR code verification, face authentication etc.

About Aadhar:
Fact1- Aadhaar is a 12-digit unique identity number. The data is collected by the Unique Identification Authority of India (UIDAI), a statutory authority under the Ministry of Electronics and Information Technology(MeitY),
Fact2- Aadhaar is the world’s largest biometric ID system.
Act- Aadhar act 2006.
Launched- 28 January 2009.