Mahindra adopts Aadhaar based system for payroll processing

KOLKATA/MUMBAI
9 Feb 2017

Mahindra & Mahindra Ltd. (M&M Ltd.), has partnered with IDFC Bank, to utilize the Aadhaar Payment Bridge System (ABPS) at one of its locations for payroll processing. This system makes payroll processing much simpler, while providing flexibility and easy portability of bank accounts to employees. Going forward, Mahindra is looking at rolling this system out across the entire Group.
“At Mahindra, innovation is at the core of our business”, said V.S. Parthasarathy, Group CFO & Group CIO, Mahindra & Mahindra Ltd. “India is on the cusp of digital disruption and we believe in embracing this change. Aadhaar based payments will ensure that a single identification and authentication process is maintained for our 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, “IDFC Bank uses technology extensively to simplify processes, making them incredibly easy and convenient for clients. The Aadhaar-based solution has been customized to suit the needs of Mahindra & Mahindra Ltd. It embeds digital technology into HR and finance systems, enabling seamless salary credits and a better onboarding experience for employees. The solution is an endorsement of the Bank’s service philosophy.” (EOIC)