You all will be aware of how important Aadhaar Card is in today’s time. The Unique Identification Authority of India (UIDAI) issues a 12 digit identification number. UIDAI is a statutory authority established under the Ministry of Electronics and Information Technology, Government of India. It has been created with the objective of providing a Unique Identification Number (Aadhaar) to all Indians to reduce the incidence of frauds by concealment of identity. This is extremely useful as it establishes citizens’ identities for public and private agencies across the country. UIDAI provides an online verification facility to verify the identity claim of the Aadhar cardholder.
What is Aadhaar Verification?
Aadhaar “Verification” means the process in which a 12-digit unique Aadhaar number, along with other attributes including biometrics, is submitted to the Central Identity Data Repository (CIDR) for verification on the basis of information or data or documents available with it. is. In this way, it helps to overcome the problem of fake and false identities. The Aadhaar number has three characteristics; Durability; i.e. throughout the lifetime of an individual the Aadhaar number remains the same, uniquely; Since each Aadhaar number has a unique ID and is global; This means that the same number can be used across domains and different applications. The authentication of Aadhaar is usually through one of these — demographic data, biometric (FP / iris / face) data, or OTP. It is a mechanism designed to provide services efficiently to all Aadhaar card holders.
The increasing number of cell phone customers in India has also prompted the government to introduce the feature as a mobile application “M Aadhaar”, so that it can be accessed from anywhere and is available on both Android and iOS. . When the phone number is linked to Aadhaar, the application provides TOTP (TOTP) – a time-based one-time password that is always available on the app for 30 seconds and a new number comes back once refreshed. And in this way there is no hassle to keep looking at the phone for OTP.
Advantages of Aadhaar Verification
Aadhaar number helps public and private agencies to prove identity and hence turnaround time is reduced in services like opening bank account, applying for passport, applying for LPG connection, etc. Recent popular monetary transaction applications such as UPI and BHIM support Aadhaar verification making purchases easy and secure between merchants and consumers. Aadhaar data is stored in a state-of-the-art secure digital platform and hence there is no loss of data and documents. Aadhaar is one of the Officially Valid Documents (OVD) prescribed by PMLA for KYC and hence eases the process of paperwork.
The Aadhaar verification initiated by UIDAI has been designed in such a way as to make the online process of validation of Aadhaar linked data easier or download Aadhaar records easier, and also known as Aadhaar-based EKYC is. Almost all major banks, financial institutions etc. have registered for Aadhaar based EKYC. In addition, SEBI has allowed all market infrastructure institutions to undertake Aadhaar-based EKYC.
CDSL Ventures Limited, a wholly owned subsidiary of CDSL, has recently received approval from UIDAI to offer Aadhaar based eKYC services. CVL has also registered as a Certification Authority (CA) with Controller of Certification Authority (CCA) to offer Aadhaar based eKYC services of Aadhaar based eSign service. Using its Aadhaar-based EKYC and e-sign services, CVL is now offering a comprehensive online account opening solution that will facilitate middlemen to open seamless online accounts using online Aadhaar-based EKYC and e-sign. Aadhaar verification with its simplicity has empowered investors and consumers to have a completely online and digital experience.
