Aadhaar E-KYC

The Reserve Bank on Wednesday came out with draft rules on the due diligence to be carried out for Aadhar-enabled Payment System (AePS) touchpoint operators by lenders, in order to prevent frauds. The proposals focus on streamlining the process for onboarding of AePS touchpoint operators and on-going due diligence, as per an official statement on the central bank website. RBI has proposed that an acquiring bank shall carry out due diligence of all AePS touchpoint operators onboarded by it and also carry out updation of KYC (Know Your Customer) in cases where an AePS touchpoint operator has not performed any financial transaction for a continuous period of six months. It also asks the NPCI (National Payments Corporation of India) and acquiring banks to ensure that any AePS touchpoint operator is onboarded only by one acquiring bank. On the ongoing due diligence front, it asks for transaction limits to be set for AePS touchpoint operators based on their risk profile and transactions

The Indian government has initiated Aadhaar-based eKYC authentication for LPG customers

PM-Kisan eKYC: To receive the instalments, the farmers must complete their e-KYC. Know how here

The Reserve Bank of India (RBI) has changed the definition of Politically-Exposed Persons (PEPs) under its norms, a move that will make it easier for those individuals to carry out various banking transactions, including availing loans. Certain changes have been made in the RBI's Know Your Customer (KYC) norms. The earlier norms pertaining to PEPs were open-ended and there was a lack of clarity on the definition, apparently leading to issues for bankers, parliamentarians and others. There were also concerns in certain quarters that PEPs were finding it difficult to get loans or open bank accounts. In the amended KYC master direction, the central bank defines PEPs as "individuals who are or have been entrusted with prominent public functions by a foreign country, including the heads of states/governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials". The new rules also .

These easy to deploy, cost-effective devices that are akin to a point-of-sale terminal have mushroomed in India's semi-urban and rural areas

Bibhu Ranjan Mishra on the tech wizards behind the mobile app that's meant to contain the spread of Covid-19

Digital public goods can backstop the Indian economy

Under PMLA, entities in the securities market that are notified by the central government can undertake Aadhaar authentication

The UIDAI wrote to banks after it received legal opinion on the matter, in the wake of a recent Supreme Court verdict

Aadhaar Authentication User Agencies and their sub-bodies are basically companies which have a direct connection to the UIDAI servers

It would make authentication process fast and reliable and lead to substantial savings for industry