What’s the first step that a customer has to take when he wants to avail any service from a Bank or a Financial institution? It is the Know Your Customer (KYC) process. KYC is a process where a financial institution verifies the identity and personal details of a potential customer. The RBI has made it mandatory for all companies to undertake KYC before offering any services to customers. While it has had a positive effect of reigning in unscrupulous activities like money laundering and fraud, it has its drawbacks too.
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When we started Aadhaar Bridge in 2015, the small team at Khosla Labs had one singular goal – to make it easier for companies to use Aadhaar API’s for their identity and on boarding needs, while staying 100% compliant with all regulations and guidelines.
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On 2nd March, 2019, the President of India vide the office of Ministry of Law and Justice notified the Aadhaar and Other Laws (Amendment) Ordinance, 2019 (“Ordinance”). The Ordinance proposes the same amendments as those contained in the Aadhaar Bill, 2018,
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Irrespective who you are, if you own an email id, have Facebook, Instagram or Google Plus account; you have an online profile, a web based personality.And if you are online chances are companies and organisations, government or otherwise have tracked your behaviour and have kept extensive records.
Read StoryKYC or Know your customer, simply put is the process of identifying a customer with a goal of detecting and avoiding fraud in financial transactions, as such it is legally binding to financial institutions including banks and NBFC’s.
Read StoryOne of the best things about Aadhaar API was its ability to allow organisations like Banks and other financial institutions to instantly verify the identity of the customer, as required by RBI regulations. This meant new accounts and loan disbursements could be done almost instantly and with minimum to no human intervention.
Read StoryFor a startup founder considering Fintech, lending remains an unexplored market and with a larger number of young potential customers entering the foray, it becomes more lucrative than ever.
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