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Tag: Aadhaar

Now, download Masked Aadhaar from UIDAI website

Now, download Masked Aadhaar from UIDAI website

Finance
In a bid to make the Aadhaar safer, the Unique Identification Authority of India (UIDAI) has introduced a new feature. The UIDAI has introduced 'Masked Aadhaar' which is an option that allows one to cover the 12-digit unique identity in the downloaded Aadhaar or e-Aadhaar. This option may prove especially helpful in cases where one feels uneasy sharing their Aadhaar number wherever it is required. What is a masked Aadhaar?E-Aadhaar is a password protected electronic copy of Aadhaar, which is digitally signed by UIDAI. As per the Aadhaar Act, e-Aadhaar is equally valid like a physical copy of Aadhaar for all purposes. The UIDAI announced the new e-Aadhaar option in a tweet on Friday. The #eAadhaar is now available in two formats: 1. Regular Aadhaar 2. Masked Aadhaar You can download these ...
Aadhaar Paperless Local e-KYC allows offline verification of identity, limits data sharing

Aadhaar Paperless Local e-KYC allows offline verification of identity, limits data sharing

Finance
Following the Supreme Court judgement on Aadhaar and in order to address privacy concerns and limit data sharing, UIDAI has launched a 'Aadhaar Paperless Local e-KYC' method which is an offline method for identity verification wherein verification can be done without sharing biometrics or even Aadhaar number. This method also allows you to choose the Aadhaar related details you want to share for identification purposes. According to a Times of India report, government is pushing for offline tools to verify Aadhaar of a person by a method which will not require sharing of biometrics or involve UIDAI servers. According to the report, there are two ways of offline Aadhaar verification - by using QR code on the Aadhaar card and via Paperless local e-KYC. The Paperless local e-KYC involves gene...
Discount brokers expand business on data, Aadhaar KYC

Discount brokers expand business on data, Aadhaar KYC

Finance
CHENNAI/MUMBAI: Discount brokers — the low-cost, no-frills broking houses — have seen a phenomenal growth in the last two years on the back of the Aadhaar-enabled e-KYC process, launch of high-speed data services at low cost by Reliance Jio, and the five-year old bull market. The growth has been so strong that, as of fiscal 2018-end, Zerodha — an eight-year-old tech-driven startup in the broking space — became the third-largest in India in terms of number of customers, behind ICICI Securities and HDFC Securities. It ranked 16th on the list two years ago, and 34th five years ago. In the league table, it’s ahead of D-Street’s old horses like Sharekhan, Axis Securities, Kotak Securities, Angel Broking and Motilal Oswal Securities. Zerodha and peers like Upstox, Samco and SAS Online have seen
RBI makes Aadhaar key to KYC compliance

RBI makes Aadhaar key to KYC compliance

Finance
The Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated 'Know Your Customer (KYC)' guidelines. This, however, will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory, RBI said in a circular late last night. Till now, an Officially Valid Document (OVD) for address proof together with Permanent Account Number (PAN) issued by the Income Tax department and a recent passport size photograph were the key KYC documents. But in the amended Customer Due Diligence (CDD) procedure, RBI said, "The Aadhaar number, the PAN or Form No. 60" need to be obtained from an individual who is eligible for applying for the biometric ID. Sources said that the move will facilitate trusted environment for ba...
Govt amends PMLA rules to extend Aadhaar linking date for all financial accounts till after SC order

Govt amends PMLA rules to extend Aadhaar linking date for all financial accounts till after SC order

Finance
The finance ministry has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, via a issued notification yesterday, extending the date for submitting Aadhaar by existing account holders to financial entities till a date to be notified after the final judgement in the petition challenging Aadhaar pending before the Supreme Court. This follows the interim order, dated 13th March, 2018 of the SC in the Aadhaar case, which extended the last date for linking Aadhaar with existing bank accounts from 31.03.2018 till the final judgement of the case. As per the existing rules relating to the Prevention of Money Laundering Act, account holders had to submit to specified financial entities their Aadhaar number by March 31, 2018. This essentially implies that submission of A...