Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the ePanel discussions:
- Mr. Vikas Kukreja, Founder, Nupay Solutions Private Limited
- Mr. Shashank Chowdhury, Former Executive VP- Inclusion Initiatives, Vakrangee Software Ltd
- Mr. Vikram Sareen, Co-Founder & Digital Transformation Architect, The Advisory Network
- Mr. Dhanender Chandna, Managing Director, Viren Business Solutions Pvt Ltd.
- Mr. P B Prakash, Head-Financial Institutions Group, IndusInd Bank
- Mr. Neeraj Chandra, Head of Operations and Technology, India, Abu Dhabi Commercial Bank
- Mr. Kamonasish Aayush Mazumdar, Founder & CEO at Foodieverse
- Mr. Ishan Vaish, India Partnership Manager- Worldwide Developer Relations, Apple
- Mr. Chitti Babu, Former Global Head- Payments & Digital Solutions, Unimoni
- Mr. Arun Tanksali, Co-founder & CTO, Nearex
- Mr. C V Ramana Rao, Sr Manager, Punjab National Bank
- Mr. Vikas R Panditrao, Co-Founder, Forum of Industry and Academic Knowledge Sharing (FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum requested to remain anonymous
Here’s another problem statement shared by a member, “I am mostly busy and hence I have kept my digital signature with Secretary. She calls me before using a digital signature. And it works on basic trust. I have seen many of my founder friends are keeping digital signatures with Chartered Accountant or trusted finance or Secretary or team member as it’s frequently required. We all decided to write to eMudhra asking for a history of usage of digital signature and we were surprised that they are unable to provide this basic feature.” By not providing the history of past transactions isn’t the digital signature similar to rubber-stamp in the analog world ie Once it is handed over then the receiver can merrily use it where you want and the manufacturer has no idea what you do with it.
Check out this email to eMudhra and their response;
Concern 1: How a digital signature service provider can’t provide this basic feature of a statement of date and time history to the user? How can digital signature providers not provide a basic alert to registered email and mobile numbers?
- In the practical world, for GST filings, tender filings, and compliance purposes, etc digital signature is required all the time around the year. So for record and audit purposes, the usage history report of digital signature is a valid requirement. This seems a very valid and correct request and should have been met with. Also where all your digital signature is used needs to be stored on the token even if it’s offline.
- Member states, as a consumer of digital signature service from a corporate, the expectation of a usage report is logical. Even if a consolidated report is not made available through mail or SMS or WhatsApp message, at least a report on the portal can always be made available. There could be issues of privacy in push messages. But for pulling data with credential-based access should be made available.
- Sometimes we share debit cards with our trusted ones due to exigencies. On the usage of the card we get an email alert on the amount withdrawn, we get an SMS alert, in the statement we get a log, the question is why can’t a log be provided in this case? A member mentioned, as a fintech company, we had a policy of pay from your credit card and get reimbursement. My travel credit card was in the custody of admin staff to do all the booking. I had a statement of credit card to check plus email plus SMS alerts to reconcile the usage. Why is this fundamental functionality missing incase of Digital signatures?
- Pizza delivery alerts can be received, Uber can provide the history of my travel, then why can’t issuing authority of the Digital Signature provides online access to show history or statement on usage with date & time stamp. The product has a fundamental flaw and needs to be redesigned and corrected, shouldn’t it? It’s better to use a roadside rubber stamp of Rs. 20/- and take risk of someone putting a fake signature rather than using such a tech piece where no one has a clue what’s going on. Think upon it!
Concern 3: How are regulatory authorities approving such a shady product and pushing it into the market?
Well thereon came in some advice to use digital signature yourself and not keep with anyone else;
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