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 Aadhaar eKYC to open instant bank accounts through apps and websites. Others: While RBI has now enabled it’s regulated entities to use Aadhaar authentication, when shared voluntarily, only banks can use eKYC. WAY forward If financial services companies other than banking companies want to use Aadhaar authentication, which is eKYC, they are required to apply to the government individually to get that access.

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History of this topic

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, …

Aadhaar-based eKYC return may boost MF growth
5 years, 2 months ago

Aadhaar-based eKYC return may boost MF growth

Live Mint  

A notification by the markets regulator sets out the procedure for mutual fund intermediaries to conduct Aadhaar-enabled eKYC. Thus, a KYC done for opening a bank account, which is regulated by the Reserve Bank of India, will not be valid for mutual fund investments. This option was not halted by the Aadhaar judgement, but it takes up more time and …

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 …

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 …

Soon banks and others may ask you to pay Rs 20 for full Aadhaar eKYC, 50 paisa for Yes and No authentication
5 years, 10 months ago

Soon banks and others may ask you to pay Rs 20 for full Aadhaar eKYC, 50 paisa for Yes and No authentication

India Today  

The UIDAI, which looks after Aadhaar project, has issued a circular mandating that private companies using Aadhaar for the eKYC will have to pay up to Rs 20 for each authentication they carry out using Aadhaar. In a notification issued on March 7, the UIDAI that looks after Aadhaar project has mandated that private companies using Aadhaar eKYC must pay …

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 …

Aadhaar no longer binding, but instant e-KYC uncertain
6 years, 3 months ago

Aadhaar no longer binding, but instant e-KYC uncertain

Live Mint  

After several months of confusion, the Supreme Court last week clarified on use of Aadhaar. For instance, banks had started opening bank accounts through apps, based on Aadhaar KYC—an individual could open these accounts on their own, and upgrade them to a full KYC-compliant account later. The Supreme Court declared the portion of Section 57 of the Aadhaar Act that …

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