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 valid documents for account opening, then voluntarily customers can use it to open account,” P.K. ‘No adverse effect’ “We do not foresee any adverse impact on Kotak’s savings account opening growth because of the Supreme Court’s ruling,” said Virat Diwanji, president — retail liabilities and branch banking, Kotak Mahindra Bank. “Aadhaar is available as a KYC document if customer voluntarily chooses to submit it,” said Virat Diwanji, president, branch banking, Kotak Mahindra Bank.,Customers are welcome to use any one of the six OVDs of their choice for the purpose of account opening.

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History of this topic

Aadhaar based e-KYC, OTP-based conversion in new telecom reforms. Check details
3 years, 3 months ago

Aadhaar based e-KYC, OTP-based conversion in new telecom reforms. Check details

Hindustan Times  

Days after the Union Cabinet announced reforms in the telecom sector impacting both companies and users, the department of telecommunications issued a series of orders to implement “contactless, customer-centric and secured KYC processes.” A mobile subscriber has to undergo in-person KYC processes for a new mobile connection or converting prepaid connection to postpaid or vice-versa. Existing subscribers will be able …

NPS account opening becomes easier with OTP-based authentication. How to use it
4 years, 6 months ago

NPS account opening becomes easier with OTP-based authentication. How to use it

Live Mint  

Opening a National Pension System account has become easier than ever. The Pension Fund Regulatory and Development Authority has announced that the subscribers can open their new NPS accounts through one-time password based authentication process. It has also permitted Aadhaar-based offline paperless KYC process for the new customers while opening a NPS account. Here's how subscribers can open a NPS …

SC seeks govt’s response on use of Aadhaar as ID
5 years, 1 month ago

SC seeks govt’s response on use of Aadhaar as ID

Deccan Chronicle  

New Delhi: The Supreme Court on Friday sought response from the Centre and the Unique Identification Authority of India on a PIL challenging the Aadhaar and Other Laws Act, 2019, that provides for voluntary use of Aadhaar as an identification document for opening of the bank accounts and for getting mobile connections. Section 57 of the Aadhaar Act which now …

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 …

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 …

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 …

What will happen to bank accounts opened through Aadhaar
6 years, 3 months ago

What will happen to bank accounts opened through Aadhaar

Live Mint  

Mumbai: Last week, the Supreme Court said that customers can’t be forced to link their bank accounts to Aadhaar. However, in the last couple of years most banks had started opening online bank accounts using Aadhaar and one-time passwords. “Kotak’s 811 is built on RBI’s Aadhaar-based OTP authentication guideline for opening bank accounts. Aadhaar continues to be available as a …

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