UIDAI’s decision to charge for eKYC transactions, had considerable effect on financial institutes including banks and NBFC’s that were dependant on eKYC to fulfil their KYC obligations, though what most ignored was its effect on eSign, an online electronic signature service that can facilitate an Aadhaar holder to digitally sign a document. The decision made eSign expensive for several service providers who relied on eSign to automate their customer onboarding and processing flows.
RBI's latest amendment of master directive on KYC, allowed regulated entities including banks to use offline Aadhaar for identifying and verifying their customers as required by PMLA act. This meant all private sector companies that had lost, an easy to
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,
One 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
Aadhaar PIL hearing in the Supreme Court culminated on Sept 2018 with a landmark judgement. The Banking and Financial Services (BFSI) Sector has had to face considerable challenges as a result of the Aadhaar judgement. This essay describes these challenges
Aadhaar auth is used to prove you are who you say you are. KYC or Know your customer, simply put is the process of identifying a customer.