RBI has asked all finance companies to revise their KYC policy to accept Unique Identification Authority of India’s (UIDAI) e-KYC service as a valid process for verification under Prevention of Money Laundering (Maintenance of Records) Rules, 2005. Aadhaar is the brand name used by the UIDAI. “In this connection, it is advised that while using eKYC service of UIDAI, the individual user has to authorize the UIDAI, by explicit consent, to release identity and address data through biometric authentication to the NBFC branches. The UIDAI then transfers the data of the individual comprising name, age, gender, and photograph of the individual, electronically to the NBFCs, which may be accepted as valid process for KYC verification,” RBI said.
“If the prospective customer carries a copy of the eAadhaar downloaded elsewhere, the NBFC may print the prospective customer’s eAadhaar letter in the NBFC directly from the UIDAI portal or confirm identity and address of the resident through simple authentication service of UIDAI,” RBI said.
“If the prospective customer carries a copy of the eAadhaar downloaded elsewhere, the NBFC may print the prospective customer’s eAadhaar letter in the NBFC directly from the UIDAI portal or confirm identity and address of the resident through simple authentication service of UIDAI,” RBI said.
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