Wednesday, July 8, 2020

Facility for instant PAN allotment via Aadhaar - All you need to know

pan - aadhaar image

The Finance Minister of India, Ms Nirmala Sitharaman, had declared that the government would soon introduce a facility to allocate PAN (Permanent Account Number) cards instantly using Aadhaar based eKYC. This announcement was made during the presentation of the Union Budget earlier this year. The facility to allot instant PAN cards was officially launched on the 28th of May 2020. The process of allotment is paperless. The ePAN (electronic PAN) is issued by the Income Tax (IT) department of India and you do not have to pay any fee as charges for application. All residents in India with a valid Aadhaar number and a mobile number linked to that Aadhaar are eligible to apply for an ePAN.

Wednesday, July 1, 2020

How to enrol your child for Aadhaar card?

Aadhaar card for children

The Aadhaar is the most important of all documents proving the identity of an Indian resident. The identity of an individual can be established through Aadhaar eKYC. This is done through Aadhaar authentication, where the Aadhaar number of the individual will be submitted along with the biometric and demographic details to the UIDAI to get the individual's identity confirmed. The Aadhaar eKYC process is much simpler compared to the other KYC processes and does not require any documents for verification.

Thursday, June 25, 2020

How to download Aadhaar card from the UIDAI website?

aadhaar image

Issued by the UIDAI (Unique Identification Authority of India) the Aadhaar card is necessary to receive subsidies as well as several governmental benefits. Aadhaar is one of the most important of all documents to prove the identity of an Indian citizen. Aadhaar eKYC helps in establishing the identity of the individual in real-time.

Thursday, June 18, 2020

How new Aadhaar-based eKYC help in seamless on-boarding of customers?

From opening accounts in a bank/NBFC, taking loans to make investments in a share market/mutual funds investment, KYC (Know Your Customer) is one of the important steps to onboard a customer/investor. This is also necessary for making payments, providing services to customers and for various transactions. The KYC services that take place today involves a lot of documentation and the process is quite complicated.

Thursday, June 11, 2020

How to apply for e-PAN using Aadhaar card?

pan aadhaar linking

Don’t have a PAN card yet? There is no reason to panic. At present applying for and getting a PAN card is much easier than how it was earlier. The only criterion is that you must have a valid Aadhaar card. The Aadhaar is issued by the Unique Identification Authority of India (UIDAI) and is considered one of the most valid of all documents for an Indian citizen to prove his/her identity.

Thursday, June 4, 2020

How to change mobile number in Aadhaar Card?

change mobile number in aadhaar

For an Indian citizen, the Aadhaar is considered to be the most important of all documents to prove her/his identity. The electronic version of Know Your Customer (KYC) can be carried out using the Aadhaar details of an individual. Through the process of Aadhaar eKYC, the identity of an individual can be verified online. Aadhaar authentication helps in establishing the identity of the individual.

Friday, May 22, 2020

What are the 4 standardised KYC process that will ease your investments?

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Amidst the COVID 19 pandemic lockdown, the Government of India and the SEBI (Securities and Exchange Board of India) that regulates the capital market has decided to ease the norms of KYC.  According to the new ruling, a simple and standardized KYC process has to be adopted by the banks, NBFCs and other financial agencies.

Friday, May 15, 2020

How to implement Offline Aadhaar eKYC?

On boarding customers fast is one of the key goal of every business. Many entities in the Fintech sector are mandated to do KYC for every customers. In this days of Covid-19 doing KYC by physically sending people to doorstep is not practical. The best cost effective way to do this is by using Offline EKYC solution.
Offline Aadhaar eKYC Solution enables all organisations to take advantage of Aadhaar eKYC service without having to go through the process of KUA registration. The service is available for all organisations of any size. UIDAI has provided a website for Aadhaar holder to easily download their KYC data securely and share it with companies for account opening.

Our product Offline EKYC Solution is a turnkey product which can be integrated on your existing web / mobile applications.

Process Flow

Monday, May 11, 2020

How to share Aadhaar eKYC service with fintech partners, insurance brokers, subsbrokers etc without compromising data security

Most of the major Insurance companies, Banks, Stockbrokers, NBFC, etc relay on partners firms such as insurance brokers, banking correspondents, sub-brokers, fintech startups,  etc. for onboard new customers. Usually, the KYC data of the customers are collected by these partners and shared with the major BFSIs. With more BFSI companies getting back their access to Aadhaar eKYC service, we look at how partner-based customer onboarding can be done via Aadhaar eKYC.

Aadhaar EKYC is the most efficient way of onboarding customers, but there are restrictions laid down by UIDAI for sharing EKYC API's with partners.  As per UIDAI, the Aadhaar authentication can only be performed by the company that is registered as KUA even when the customer is onboarded by a partner firm that is interfacing the customer. The ideal way to handle the situation is for the organisation is to have a website hosted or a signed mobile SDK that is made available to its partners for Aadhaar authentication. At Finahub, we have taken this a step further by providing data sharing control to the organisation so that they can determine which KYC data elements are getting shared with their partners. 

Thursday, May 7, 2020

Insurance, securities entities to use Aadhaar authentication services under PMLA

The Department of Revenue operating under the Finance Ministry of India has now granted permission to 29 Insurance companies and 9 securities and stock entities to make use of the services of Aadhaar authentication provided by the UIDAI (Unique Identification Authority of India). This will make real-time eKYC (Electronic Know Your Customer) possible for these companies. However, the customer doesn't need to choose Aadhaar authentication services. When your PAN card details are being submitted you have the freedom to not undertake Aadhaar authentication.

Sunday, April 26, 2020

COVID-19 and Aadhaar EKYC revival

The COVID -19 pandemic will have a huge impact on the Indian economy. The Indian economy is expected to lose RS 32000 crore daily during the lock-down period. Govt of Indian has announced a variety of measures to handle the situation. This includes RBI injecting RS 374000 crore to country's financial system and various other measures. Among them, the Aadhaar EKYC revival is one of them.

Saturday, April 25, 2020

Cost effective Aadhaar EKYC and Aadhaar Data Vault Solutions for Firms with AUA License

Customer On-boarding and authentication using Aadhaar EKYC is the most efficient way of getting your customers on board. You need to make sure all the regulations and norms laid out by UIDAI is followed by your organisation.  UIDAI conducts occasional external audits to ensure compliance with their guidelines and defaulters are very heavily penalised.

Thursday, April 23, 2020

How to rectify provident fund birth record using Aadhaar?

The EPFO (Employee Provident Fund Organization) issued a circular on the 3rd of April 2020 stating the liberalization of norms regarding changing the individual’s date of birth in their records. The EPFO has decided to accept the Aadhaar as a valid proof of birth to rectify the mistakes in the date of birth mentioned in the individual’s PF account. This decision was announced by the Ministry of Labour on the 5th of April 2020.

Thursday, April 9, 2020

Govt uses Aadhaar, driver's license, voter ID databases for facial recognition

The AFRS (Automated Facial Recognition System) project was first announced by the Home Ministry of India in 2018, to identify missing individuals, criminals and bodies that remained unidentified in a scientific manner.

Wednesday, March 18, 2020

How to link Aadhaar with ration card?

The Indian government has directed its citizens to link their Ration cards to their Aadhaar by March 2020. The mobile number linked to your Aadhaar is required to be attached to your ration cards. In addition to the ration card, you can use the UIDAI issued document for ekyc purposes at banks and online payment wallets.

Thursday, March 12, 2020

How to register your land property using Aadhaar card?

Unclear land titles are amongst the most common reasons for property disputes. According to Section 17 of the Registration Act, 1908, all transactions involving the sale of immovable property valued at more than Rs 100 must be registered. Leasing a property for more than 12 months or property being gifted must also be registered. Immovable property refers to land as well as buildings.

Friday, February 28, 2020

RBI's Low KYC - A Blessing for Fintech Companies

The Reserve Bank Of India’s (RBI) decision to introduce ‘Low KYC’ (Know Your Customer) PPI (Paid Payments Instruments) accounts has come as a huge relief to the FinTech companies operating in India. The new decision was introduced on the 5th of February 2020 which will allow the customers to continue using their mobile wallets to make payments. The RBI had put restrictions on the limits of transactions earlier. They wanted the FinTech companies like Amazon Pay, Paytm and PhonePe to adhere to the ‘Full KYC’ option by the 29th of February 2020.

Monday, February 17, 2020

Aadhaar card updation for children - All you need to know

Issued by the Unique Identification Authority of India (UIDAI), the Aadhaar card is one of the most reliable of all documents that serve as the proof of identity for an Indian resident. The Aadhaar card has a unique number for identification. Besides, the biometric information and the demographic details of the individual are also attached.

Friday, February 7, 2020

Union Budget 2020: Aadhaar-Based Tax Verification Introduced To Ease Compliance

The Government of India has decided to launch Aadhaar based tax verification for its citizens. This decision was announced by Nirmala Sitharaman, the Finance Minister of India while presenting the Union Budget for 2020. PAN or the Permanent Account Number will be allotted online instantly by filling out the required application form. The Finance Minister said that steps to facilitate this decision are also in process. The interchangeability of PAN and Aadhaar was proposed during the Union Budget of 2019 by the Finance Minister.

Monday, February 3, 2020

20% of salary to be deducted as tax if PAN, Aadhaar not submitted.

The trouble lies ahead for you if your annual earnings are above Rupees 2.5 lakhs and you’ve failed to furnish your Aadhaar and PAN card details to the employer. The Income Tax Department of India has instructed employers to deduct 20% as TDS (Tax Deducted at Source) from the salary of those who have not submitted their Aadhaar ekyc and PAN card details. The CBDT or the Central Board of Direct Taxes formulated this new rule and issued a circular regarding this decision.

Tuesday, January 28, 2020

RBI Digital KYC: How the new norms work?

For the process of customer identification by RE’s (Regulated Entities) like Banks, NBFCs, and other financial agencies, the Reserve Bank of India or the RBI has decided to make use of the available digital channels. This has led to the decision by the RBI to permit digital-based KYC where the customer-identification takes place through Aadhaar authentication or the V-CIP (video-based customer identification process).

Thursday, January 16, 2020

RBI Allows Aadhaar Based Video KYC for Onboarding and to Establish Identity.

Soon banks, NBFCs, FinTech, and other financial organizations are likely to remove paper-based and physical onboarding processes of customers. These methods of processing are to be replaced by Aadhaar-based video-KYC (Know Your Customer) according to the new ruling by the Reserve Bank of India (RBI). This is based on the recent amendments made to the guidelines of KYC in India.

Friday, January 3, 2020

6 cases where you can use Aadhaar number instead of PAN.

Use Aadhaar Number Instead Of PAN: 6 Cases
Even though the Supreme Court of India has not yet made it mandatory, the Aadhaar and the PAN are two important documents that the government of India considers mandatory for certain purposes. Let’s take a look at what these two documents are.