Aadhaar e-KYC Authentication: The Reserve Bank of India said that NBFCs and payment system providers can apply for Aadhaar e-KYC verification license with the central bank.
New Delhi: Aadhaar e-KYC for NBFCs: Non-Banking Finance Companies (NBFCs) and Payment System Providers have now got the license for Aadhaar and e-KYC Authentication (Aadhaar e-KYC licence). RBI (Reserve bank of India) has taken a big step for NBFCs and payment system providers. Under this, Aadhaar e-KYC has been approved. The Reserve Bank of India said that NBFCs and payment system providers can apply for Aadhaar e-KYC verification license with the central bank.
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Have to apply with RBI
The Reserve Bank has issued a circular which states that NBFCs, payment system providers and payment system participants can apply to the department for Aadhaar Verification License-KYC User Agency (KUA) License or Sub-KUA License, Which will be forwarded to the Unique Identification Authority of India (UIDAI). The application format has also been provided by RBI.
Welcome to RBI’s decision
Ankit Bhatnagar, Head Product, Mswipe said, “This initiative of RBI will increase the confidence level among the customers. Now with e-KYC, NBFCs will rectify the problems. On the other hand, Manoj Chopra, Head Innovation and Product Development, Infrasoft Technologies, said that now it will be more secure for NBFCs, payment system providers and payment system participants to provide facilities to customers.
Tide (India) CEO Gurjodhpal Singh also welcomed the RBI’s decision and said that it is a good decision for the fintech ecosystem. This will encourage digitization, while the delivery of financial products will accelerate. RBI has also alerted people on frauds taking place in the name of KYC verification.
RBI has advised people not to share important information like their account details or password with any person or agency. Such frauds are done by sending calls, SMS, e-mails to the customers regarding KYC verification.
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