Aadhaar has been in news for quite some time, especially the debate around how it may allow government to monitor its citizens. Having said that Aadhaar was not the only identity document that tried to consolidate all the citizens of this mighty country into a single exhaustible database.
Read more on The Impact of Supreme Court Judgement on BSFI Sector.
In the infographic below, The Indian history of Identity, we try to highlight some of the major milestones w.r.t identity in India.
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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With social distancing as the key preventive measure in the going global pandemic, expecting customers to come to the branches of RE’s, i.e. Banks, NBFCs, etc. seems out of the question. The biggest casualty of this situation would be the Know Your Customer (KYC) process which needs verification of documents and other aspects of a customers’ identity.
Read StoryThe NPCI (National Payment Corporation of India) has reintroduced eSign based electronic NACH (National Automated Clearing House) mandates. This latest update shared via a circular dated May 26, 2020, is bound to cheer Banks, Lenders and other institutions.
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