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.