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Tag: eKYC

Reserve Bank of India looks to sort out e-KYC matter for non-bank lenders

Reserve Bank of India looks to sort out e-KYC matter for non-bank lenders

Finance
Kolkata: The Reserve Bank of India and the government are working closely on how to allow the digital customer authentication facility to non-bank entities to help them to reach out and cater to a wider section of population, two people familiar with the matter said. This assumes significance amid the spread of coronavirus when physical proximity is best avoidable. At present, only banks are allowed to do customer identification online through OTP (one-time password) based Aadhaar card authentication. The government has been hesitant to give non-banks entities the access to the Unique Identification Authority of India’s (UIDAI) database following the complaints of misuse of it. Non-bank lenders and microfinance companies which are not allowed to do so, are lobbying for similar facilities....
CDSL gets UIDAI nod for e-KYC Aadhaar authentication

CDSL gets UIDAI nod for e-KYC Aadhaar authentication

Finance
NEW DELHI: Leading depository CDSL on Friday said it has received clearance from UIDAI to carry out e-KYC authentication using Aadhaar. The clearance has been obtained to act as a local Authentication User Agency (AUA) or e-KYC User Agency (KUA), CDSL said in a statement. Once market intermediaries register as KUA, they can open accounts using Aadhaar-based e-KYC (electronic Know Your Customer). CDSL said it will facilitate intermediaries to offer seamless online account opening using Aadhaar-based e-KYC. The depository maintains and services over 2.4 crore demat accounts of investors spread across the country. In July, CDSL Ventures, a wholly-owned subsidiary of Central Depository Services (India) Limited, had obtained UIDAI approval to carry out e-KYC authentication using Aadhaar. In Ma...
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...