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M&M to use Aadhar for salary payment to staff

Mahindra & Mahindra has partnered with IDFC Bank to utilize the Aadhaar Payment Bridge System (ABPS) at one of its locations for payroll processing. The proposed system is expected to make payroll processing simpler, while providing flexibility and easy portability of bank accounts to employees. The company is expected to extend the system the entire group in future. V.S. Parthasarathy, group CFO and group CIO, Mahindra & Mahindra, said Aadhaar based payments will ensure that a single identification and authentication process is maintained for the employees, eliminating the need for multiple records. This will bring speed and simplicity to payroll processing and is just the beginning of a number of new initiatives. Ajay Mahajan, head – Wholesale Banking, IDFC Bank, said the Aadhaar-based salary payments solution has been customized for Mahindra & Mahindra and it embeds digital technology into HR and finance processes, enabling seamless salary credits and a better on boarding experience for employees.

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