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. Online, your persona is built by combining two interrelated sources of information Your online behaviour tracked by a machine And the personal data that you choose to share The data that machine tracks includes your purchase history, content that you read, data usage times, internet access times, URL's visited, device location and everything that involves you connecting to the web or using a device connected to the web. While the information that you share includes your birthday, name,
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, which had been passed in the Lok Sabha this January. Most importantly, despite deleting section 57, the Ordinance re-introduces private sector use of the Aadhaar infrastructure through amendments to the Telegraph Act and the Prevention of Money Laundering Act. In this article we try to demystify what this ordinance says and what it means for us, Aadhaar ecosystem has been defined: Aadhaar ecosystem has been defined by the Ordinance and the same classifies offline verification seeking entities and any other entity or
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 could be done almost instantly and with minimum to no human intervention. With the Supreme court’s verdict private institutions were barred from using Aadhaar APIs in September of 2018. Though with it’s latest ordinance Government of India now has allowed Banks and Telecom companies to use the API’s for user verification. With the APIs being back we thought it was the right time to help your developers understand how they could use the documentation that they got from UIDAI to integrate
KYC 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 more on What is KYC? Why is it important? eKYC is when KYC is done electronically. With respect to Aadhaar, eKYC is defined as A paperless Know Your Customer (KYC) procedure, wherein the identity and address of the user are verified electronically through Aadhaar authentication. UIDAI built eKYC with a goal of simplifying customer acquisition and processing, especially in the wake of Indian governments digital India initiative, eKYC played a vital role helping poor get bank accounts and access to credit when required. With the explicit
“They who can give up essential liberty to obtain a little temporary safety deserve neither liberty nor safety.” ― Benjamin Franklin, Memoirs of the life & writings of Benjamin Franklin What Benjamin Franklin meant by those words is debatable, though the fact remains that for much of history, humanity has traded off privacy for its need for survival, luxury or safety. Privacy was first pioneered by saints and yogis of the past. They devised the way of isolation, where they secluded themselves from the world to achieve inner peace and ultimately, nirvana. Privacy was always an outcome rather than a way of being. In some communities in North America and Africa a desire for privacy is viewed to be profoundly rude. Privacy is “a state
Running lending companies in India has it s own problem. Starting one shouldn't be one of them. In this article we try to list down 3 things that you as a Lending company founder should consider before you start the business.
Aadhaar has been in use for quite some time, especially the debate around how it may allow government to monitor its citizens. Having said that Aadhaar Card was not the only identity card that tried to consolidate all the citizens of this country into a single exhaustible database. In the infographic , The Indian history of Identity, we try to highlight some of the major milestones w.r.t identity in India.
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 and possible solutions.
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.