KYC for opening bank accounts to make process secure: UIDAI
5 years, 4 months ago

KYC for opening bank accounts to make process secure: UIDAI

India TV News  

The recent amendments to anti-money laundering rules allowing voluntary use of Aadhaar for the opening of bank accounts and the modalities of digital KYC for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users, UIDAI CEO said on Wednesday. The government, last week, had notified amendments to the Prevention of Money-Laundering rules to allow voluntary use of the biometric identifier for opening of bank accounts, and had also spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence. The notification now paves the way for use of various verification mechanisms -- Aadhaar eKYC where Aadhaar documents are given voluntarily, offline verification and Digital KYC for opening bank accounts. Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts and getting mobile phone connections.

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History of this topic

Will KYC be digitalised? India's big plan to standardise banking checks
10 months, 3 weeks ago

Will KYC be digitalised? India's big plan to standardise banking checks

Hindustan Times  

India's financial stability panel plans to roll out a uniform approach to verifying customers across the financial sector and prevent illegal lending based on online applications, it said on Wednesday. India's fintech sector has been thrown into crisis after India's banking regulator on Jan. 31 directed Paytm Payments Bank to stop accepting fresh deposits in its accounts or popular wallets …

Don’t let KYC become a con: RBI shares safety measures
11 months, 1 week ago

Don’t let KYC become a con: RBI shares safety measures

Live Mint  

The Reserve Bank of India has — time and again — cautioned investors against frauds being perpetrated in the name of KYC updation. Customers receive unsolicited communications such as phone call/ SMS/ email, through which they are manipulated into revealing personal information such as login details. After customers share essential personal or login details, fraudsters gain unauthorised access to their …

Scam Alert! How scammers tricked 81 UPI users in Mumbai and stole over Rs 1 crore in KYC scam
1 year, 9 months ago

Scam Alert! How scammers tricked 81 UPI users in Mumbai and stole over Rs 1 crore in KYC scam

Firstpost  

UPDATE: The National Payments Corporation of India shared an official statement which has been added to the end of the article. That hasn’t prevented scam artists from coming up with novel methods to defraud people using popular mobile payment applications. However, if the user returns the money using one of these UPI applications, the scammer will gain access to all …

How to do KYC online
3 years, 1 month ago

How to do KYC online

India Today  

The Reserve Bank of India has made it compulsory for all banks to make sure the financial institutions and other organisations verify the address and identity of customers who conduct any kind of financial transactions. The first step for investing in any kind of instruments like mutual funds, fixed deposits, or bank accounts a customer should submit KYC. The process …

Aadhaar 2.0: Top Govt Officials, Experts to Brainstorm on Expanding Usage, Achieving International Standard
3 years, 1 month ago

Aadhaar 2.0: Top Govt Officials, Experts to Brainstorm on Expanding Usage, Achieving International Standard

News 18  

Top government officials and experts from India and abroad will brainstorm over three days in the coming week over how to improve and expand the use of Aadhaar in a digital economy and work towards developing Aadhaar as an “International Digital Identity Standard”. The three-day workshop titled ‘Aadhaar 2.0 – Ushering the Next Era of Digital Identity and Smart Governance’ …

Now get Aadhaar verification done offline, users get power to revoke eKYC consent
3 years, 2 months ago

Now get Aadhaar verification done offline, users get power to revoke eKYC consent

The Hindu  

Now people can get their Aadhaar verification done offline by sharing a digitally-signed document generated by the Unique Identity Authority of India which will contain only the last 4 digits of the Aadhaar number assigned to the holder, according to new rules published by the government. The UIDAI has added QR Code Verification, Aadhaar Paperless offline e-KYC verification, e-Aadhaar verification, …

RBI Governor Shaktikanta Das announces rationalisation of KYC compliance norms
3 years, 8 months ago

RBI Governor Shaktikanta Das announces rationalisation of KYC compliance norms

Live Mint  

Amid the second wave coronavirus surge, Reserve Bank of India's Governor Shaktikanta Das made an unscheduled speech today. RBI Governor Shaktikanta Das said that the central bank will continue to monitor the emerging COVID-19 situation and will deploy all resources and instruments at its command for citizens, business entities, and institutions beleaguered by the second wave. These include extending the …

What is Video-KYC? How to Avail the Facility to Sign up as a New Customer with Bank
4 years, 5 months ago

What is Video-KYC? How to Avail the Facility to Sign up as a New Customer with Bank

News 18  

Several banks in the country have started offering video-KYC service to sign up new customers. Reserve Bank of India earlier this year gave its nod to banks to use a video-KYC process. Under the video-KYC process, people are contacted by a bank officer through a live video call and they have to submit identity proof digitally. What they have to …

Online KYC process should be enabled during Coronavirus lockdown: IAMAI
4 years, 9 months ago

Online KYC process should be enabled during Coronavirus lockdown: IAMAI

India TV News  

The government should remove the need for an in-person meeting of customers during the video-KYC process for all regulated non-banking financial services, industry body Internet and Mobile Association of India demanded amid CVOID-19 lockdown. To avoid physical interaction between the customer and the employees of the entities like Prepaid Instruments, Non-Banking Financial Companies, lenders and others, the government should enable …

Beware! KYC data con call can rob you
5 years, 1 month ago

Beware! KYC data con call can rob you

India Today  

Noida-based former Indian Air Force officer Nilachala Mohapatra ended up losing his retirement savings in the process because he did so. While Rs 5 was immediately refunded, the criminals withdrew Rs 7.33 lakh from my bank account," Mohapatra told Mail Today. Pretending to be a manager of a digital wallet firm, the accused informed Ambience Mall general manager Arvind Kapoor …

Govt eases norms for opening bank account for migrants with Aadhaar KYC
5 years, 2 months ago

Govt eases norms for opening bank account for migrants with Aadhaar KYC

The Hindu  

The government has eased KYC norms for migrants to open bank account by allowing them to give a self-declared local address as sufficient proof of residence in case it is different from one mentioned in Aadhaar document. “The amended PMLR applies only to Aadhaar KYC purposes for opening of bank account and not for the change of Address in Aadhaar …

SEBI issues circular on Aadhaar e-KYC for investors
5 years, 2 months ago

SEBI issues circular on Aadhaar e-KYC for investors

India TV News  

Sebi on Tuesday issued a detailed circular regarding the process to be followed for Aadhaar-based electronic KYC exercise for domestic investors. Sebi-registered intermediaries and mutual fund distributors, who want to undertake Aadhaar authentication services through KUAs, should enter into an agreement with any one KUA. "Sebi-registered intermediaries for reasons such as online on-boarding of clients, customer convenience, increased efficiency and …

Aadhaar bill passed, Ordinance on its use not valid anymore: Centre tells High Court
5 years, 6 months ago

Aadhaar bill passed, Ordinance on its use not valid anymore: Centre tells High Court

India TV News  

The Centre on Tuesday said the Ordinance on the issue of voluntary use of Aadhaar biometric ID in the private sector did not survive, as the Parliament had already passed the amendment bill. President Ram Nath Kovind had in March given his assent to the Aadhaar Ordinance that allowed voluntary use of Aadhaar as ID proof for obtaining mobile SIM …

Aadhaar Bill seeking its use as ID to open bank accounts passes in Lok Sabha
5 years, 6 months ago

Aadhaar Bill seeking its use as ID to open bank accounts passes in Lok Sabha

India Today  

Lok Sabha on Thursday passed the Aadhaar and Other Laws Bill, 2019. Amid Opposition raising several objections to the proposed amendments in the bill, the Lok Sabha cleared the bill that seeks to allow voluntary use of Aadhaar as an identity proof. The bill proposes to allow Aadhaar cardholders to use it as an identity proof to open bank accounts …

Is RBI nod for eKYC a step towards its total revival?
5 years, 7 months ago

Is RBI nod for eKYC a step towards its total revival?

Live Mint  

You will soon be able to open a bank account instantly, if you are willing to use the Aadhaar-based eKYC process. This will enable banks to open instant bank accounts using eKYC based on Aadhaar authentication through the OTP mode. What it means for you Banking customers: Before the Supreme Court judgment on Aadhaar in September 2018, banks were using …

Banks can use Aadhaar for KYC verification with customer's consent: RBI
5 years, 7 months ago

Banks can use Aadhaar for KYC verification with customer's consent: RBI

Firstpost  

Mumbai: Banks can use Aadhaar for KYC verification with the customer’s consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals. “Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose,” the central bank said in its amended Master Direction …

Banks can use Aadhaar for KYC with customer's consent: RBI
5 years, 7 months ago

Banks can use Aadhaar for KYC with customer's consent: RBI

India TV News  

Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said Wednesday as it updated its list of documents eligible for identification of individuals. "Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose," the central bank said in its amended Master Direction on …

President's nod to ordinance for voluntary use of Aadhaar as ID proof for bank account, SIM
5 years, 10 months ago

President's nod to ordinance for voluntary use of Aadhaar as ID proof for bank account, SIM

India TV News  

President Ram Nath Kovind has given his assent to an ordinance that allows voluntary use of Aadhaar as ID proof for obtaining mobile SIM cards and opening bank accounts. The ordinance gives effect to the changes in the Aadhaar Act such as giving a child an option to exit from the biometric ID programme on attaining 18 years of age. …

Lok Sabha passes Bill to amend Aadhaar Act
6 years ago

Lok Sabha passes Bill to amend Aadhaar Act

The Hindu  

The Lok Sabha on Friday passed a Bill to amend the Aadhaar Act and two related laws which will allow individuals to offer voluntarily biometric ID as a means of identity verification for obtaining services such as opening a bank account and getting a mobile phone connection. The Aadhaar and Other Laws Bill proposes changes in the Aadhaar Act, Indian …

Modi Government’s Aadhaar Amendment Bill Violates SC Judgment
6 years ago

Modi Government’s Aadhaar Amendment Bill Violates SC Judgment

The Quint  

The government will no doubt argue that the way they have structured things in the amendments ensures there is no violation of the right to privacy, since it is on a voluntary basis, requires informed consent, and requires any authenticating entity to satisfy the UIDAI of their privacy and security standards. First off, the use of Aadhaar for authentication/offline verification …

Govt Tables Bill to Allow Voluntary Use of Aadhaar for SIMs, Banks
6 years ago

Govt Tables Bill to Allow Voluntary Use of Aadhaar for SIMs, Banks

The Quint  

The bill seeks to amend the Aadhaar Act, 2016, the Indian Telegraph Act, 1885 and the Prevention of Money-laundering Act, 2002. The legislation proposes telecom service providers, apart from using Aadhaar for authentication, can also leverage offline verification, use of passport, or any other officially valid document or modes of identification as notified by the central Government. The amendments, according …

Aadhaar no longer mandatory for mobile numbers, bank accounts as Cabinet approves law amendment
6 years ago

Aadhaar no longer mandatory for mobile numbers, bank accounts as Cabinet approves law amendment

Firstpost  

The Supreme Court had struck down Section 57 of the Aadhaar Act that made seeding of the biometric ID with SIMs and bank accounts mandatory, saying it had no legal backing. New Delhi: The Cabinet Monday approved amending the two existing laws to provide legal backing for seeding of biometric ID Aadhaar with mobile numbers and bank accounts, sources said. …

Cabinet okays legal changes to link Aadhaar with mobiles, bank accounts
6 years ago

Cabinet okays legal changes to link Aadhaar with mobiles, bank accounts

Hindustan Times  

The government will ask parliament to change two laws to let private bodies such as banks and phone companies to access Aadhaar as one of the ‘know your customer’ methods. The move comes months after the Supreme Court struck down a section in the Aadhaar law that allowed private companies to demand that their customers provide their 12-digit unique identification …

2 cases where banks can still open accounts with Aadhaar card
6 years, 2 months ago

2 cases where banks can still open accounts with Aadhaar card

Live Mint  

New Delhi: After the Supreme Court judgment that restricted all private entities, including banks, against using Aadhaar for customer identification or KYC service, the Unique Identification Authority of India has given clear instructions to all banks that the Aadhaar card cannot be used to open bank account. For getting subsidy into bank account: If you want money from any government …

UIDAI asks banks to use Aadhaar e-KYC for DBT users
6 years, 2 months ago

UIDAI asks banks to use Aadhaar e-KYC for DBT users

Live Mint  

New Delhi: The Unique Identification Authority of India has said that Aadhaar e-KYC can be used to authenticate beneficiaries of government subsidies and welfare schemes, while for others the Aadhaar card can be used for verification, said a senior UIDAI official, requesting anonymity. The UIDAI wrote to banks after it received legal opinion on the matter, in the wake of …

Telecom Service Providers Directed To Stop Using Aadhaar For Customer Verification [Read Directions By DoT]
6 years, 2 months ago

Telecom Service Providers Directed To Stop Using Aadhaar For Customer Verification [Read Directions By DoT]

Live Law  

In compliance with the Constitution bench decision in Justice Puttaswamy case, the Department of Telecommunication has directed Telecom Service Providers to discontinue use of Aadhaar based e-KYC service for issuing new mobile connections and re-verification of existing customers.On September 26, the Constitution Bench of Supreme Court had set aside the circular issued by DoT on March 23,. In compliance with …

UIDAI asks telecom firms to submit plan to discontinue Aadhaar-based e-KYC
6 years, 3 months ago

UIDAI asks telecom firms to submit plan to discontinue Aadhaar-based e-KYC

Live Mint  

New Delhi: The Unique Identification Authority of India has asked telecom companies to submit a detailed plan within the next 15 days on discontinuation of Aadhaar-based authentication service used by them to verify their customer. In this regard, TSPs are hereby directed to submit by 15th October, 2018 an action plan/exit plan to the authority for closure of use of …

After SC Declares Mobile-Aadhaar Linking Illegal, Activist Asks Telecom Minister Steps To Delink Aadhaar From SIM
6 years, 3 months ago

After SC Declares Mobile-Aadhaar Linking Illegal, Activist Asks Telecom Minister Steps To Delink Aadhaar From SIM

Live Law  

Seeks assurance that information given to telecom companies will be destroyed forthwithWith the Supreme Court having declared mandatory linking of mobile number with Aadhaar “illegal”, activist Tehseen Poonawalla, one of the applicants in the case, has written to the Minister for Department of Telecommunication asking about steps required to be taken to delink Aadhaar details already. Seeks assurance that information …

Supreme Court verdict on Aadhaar: Why linking bank accounts is critical for battle against black money
6 years, 3 months ago

Supreme Court verdict on Aadhaar: Why linking bank accounts is critical for battle against black money

Firstpost  

The Supreme Court verdict on 26 September 2018 upholding the constitutional validity of the biometric identification document Aadhaar, even while decrying its unnecessary ubiquitous use, has been hailed as nuanced. The apex court has upheld Aadhaar being seeded into PAN apparently in deference to the government’s stand that such seeding was necessary to oust ghost Income Tax Return filers with …

Aadhaar verdict: Is it brakes on OTP-based account opening?
6 years, 3 months ago

Aadhaar verdict: Is it brakes on OTP-based account opening?

The Hindu  

The Supreme Court ruling on Wednesday that Aadhaar is not mandatory for opening bank accounts could affect online opening of accounts. The State Bank of India, Axis Bank and Kotak Mahindra Bank are among the banks that allow opening of bank accounts online using a one-time password through Aadhaar authentication. “If the RBI allows Aadhaar as one of the officially …

Decoding Myths: The Truth About Aadhaar and its Security
6 years, 10 months ago

Decoding Myths: The Truth About Aadhaar and its Security

The Quint  

The article debunks several myths surrounding the safety and security of Aadhaar. It clarifies that Aadhaar data is not used for surveillance purposes by the government and that banks are not authorized to share account details with UIDAI. The article also addresses the concerns of linking bank accounts with Aadhaar and clarifies that the government's plan to curb black money …

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