Page 13 - Banking Finance May 2025

ROUNDUP

(UIDAI) to draft a new Aadhaar law notification issued by the Ministry of Mudra Loans Disbursed as
aligned with the Digital Personal Data Personnel.
Protection (DPDP) Act, 2023. Seth, a 1987-batch Indian Administra- Scheme Marks 10 Years:

Speaking at the Aadhaar Samvaad tive Service (IAS) officer from the PM Modi
event, Vaishnaw noted, "When the Karnataka cadre, is currently serving Prime Minister Narendra Modi cel-
Aadhaar Act was first introduced, as Secretary of the Department of Eco- ebrated the 10-year anniversary of the
there was no overarching privacy leg- nomic Affairs. His elevation follows the Pradhan Mantri MUDRA Yojana
islation applicable across sectors." recent appointment of former Finance (PMMY) by interacting with beneficia-
He added, "Now, with DPDP Act in Secretary Tuhin Kant Pandey as Chair- ries at his residence.
place and its rules nearing finalisation, man of the Securities and Exchange He revealed that over Rs 33 lakh crore
we have a homegrown, modern data Board of India (SEBI). worth of collateral-free loans have
protection framework. The next step As per convention, the senior-most been sanctioned under PMMY, empow-
is to ensure the Aadhaar law aligns secretary in the Ministry of Finance is ering millions of micro and small busi-
with this." designated as Finance Secretary. Seth's ness owners across India.
The UIDAI has been tasked with tak- experience in economic policy-making "I thank you all for coming to my resi-
ing the lead in updating the legal is expected to be valuable at a time dence. It is said in our scriptures that
framework, marking a major step to- when the government is focusing on when guests come to a house, the
wards strengthening data protection fiscal consolidation, boosting private house becomes pure, so I welcome you
while maintaining the operational ef- investments, and managing inflation. all," Modi said.
ficiency of Aadhaar.
The Appointments Committee of the Highlighting the scheme's impact, he
Cabinet formally approved his designa- noted how it has enabled grassroots
Ajay Seth Appointed as tion, positioning him at the helm of the entrepreneurship by supporting small

New Finance Secretary Finance Ministry during a crucial phase businesses and first-time entrepreneurs
for the Indian economy. in becoming job providers rather than
Senior bureaucrat Ajay Seth has been job seekers.
appointed as the new Finance Secre-
tary of India, according to an official Over Rs 22 Trillion in The scheme continues to play a pivotal
role in boosting self-employment and
strengthening India's entrepreneurial
SEBI Advises Entities to Use '1600' Series for Cus- ecosystem.

tomer Service Calls
SEBI Launches Official X
SEBI has issued an advisory directing all regulated and registered entities
to exclusively use phone numbers beginning with the '1600' series for ser- Account for Regulatory
vice and transactional voice calls to customers.
Updates
This initiative, according to SEBI, aims to enhance investor protection and The Securities and Exchange Board of
curb instances of financial fraud. "Investors should note the new '1600' phone
India (SEBI) has officially launched its
numbering series to easily identify and attend service and transactional calls
verified X (formerly Twitter) account -
from SEBI regulated/registered entities, thereby enhancing investor secu-
@SEBI_updates - to provide timely
rity and minimising the risk of fraud by unscrupulous entities using regular
updates on regulatory developments.
10-digit numbers," the regulator said in a release.
The new handle will post notifications
The advisory aligns with new guidelines issued by the Telecom Regulatory related to regulations, orders,
Authority of India (TRAI) aimed at standardizing caller identification for fi- circulars, and press releases, all of
nancial transactions.
which will continue to be available on
By distinguishing legitimate service calls from fraudulent ones, SEBI hopes SEBI's website as well. "For quick ac-
to bolster trust in communications between investors and regulated finan- cess to various updates from SEBI, in-
cial intermediaries. vestors, corporates, intermediaries

12 | 2025 | MAY | BANKING FINANCE