Wednesday, September 15, 2021

EKYC is back - Details on RBI circular on Aadhaar EKYC for NBFCs


 

It was a much awaited news for all the NBFC's in India. RBI now allows NBFCs to use Aadhaar EKYC service. A new circular with number RBI/2021-22/98 DOR.AML.REC 48/14.01.001/2021-22 was issued on 13th September 2021 inviting application for Aadhaar EKYC license. 

As per the circular Non-Banking Finance Companies (NBFCs), Payment System
Providers and Payment System Participants who wants Aadhaar
Authentication  License  -  KYC  User  Agency  (KUA)  License  or  sub-KUA  License  (to  
perform  authentication  through  a  KUA),  issued  by  the  UIDAI,  can submit  their  
application to
Department of Regulation Business Conduct Group in RBI for onward submission to UIDAI.

 The address to which application needs to be submitted is as below

The Chief General Manager-in-Charge Department of Regulation
Business Conduct Group
Reserve Bank of India, Central Office 12th Floor, Central Office Building Shahid Bhagat Singh Marg, Fort Mumbai-400 001 

The applications can also be forwarded over email to [email protected]


An information sheet also needs to be filled. The details are below.

INFORMATION SHEET

 

 

Sr.

No.

Particulars

Details

1

Name of the Non-Bank Regulated Entity

 

2

Type of entity (NBFC / Payment System Provider/ Payment System Participant)

 

3

Date of registration with RBI

 

4

RBI Registration/Licence Number

 

5

PAN Number

 

6

GST Number

 

7

Address of registered office

 

8

Address for correspondence

 

9

Name and contact details (email, telephone) of contact person

 

10

Net Owned Funds as on March 31 of previous financial year

Rs.           crore

11

Number of years of operation as on March 31 of previous financial year

 

12

Number of customers at the end of last 3 Financial Years

 

FY

Number of customers

 

 

 

 

 

 

 

 

 

 

13

Processes currently being used for establishing the identity of customers (e.g. certified copy of Officially Valid Documents, Offline verification etc.)

 

14

Attach copy of Board/sub-Committee of the Board Resolution adopted for this purpose i.e. for application for e-KYC licence

 

15

Name and contact details of Principal Officer

 

 

16

a) Indicate the date when the last off-site return was filed to the RBI

 

b) Whether this was filed within the stipulated timeframe

 

c) Whether entity has been regular in filing of these returns. If no, indicate the reasons thereof

 

 

17

a) Indicate the date when the last return to Registrar of Companies (RoC) was filed/e-filed

 

b) Whether this was filed within the stipulated timeframe

 

c) Whether entity has been regular in filing of these returns. If no, indicate the reasons thereof

 

18

Details of incidents of data breach including cyber security breach, if any, in the last 3 years

 

19

Whether any penal action has been taken by the RBI / SEBI in the last three years against the applicant. If so, furnish details including status of the proceedings and whether the penalty has been paid.

 

20

Whether entity is meeting the standards of complying with the Data

Security Regulations 2016 of UIDAI and other related guidance / circular

 


 

issued by UIDAI from time to time with regard to the Privacy and security Norms.

 

21

Any other observation / Self Disclosures by the entity

 

 

 

For more information contact us.
We, Finahub, are experts in Aadhaar related products and services like eSign, eKYC, Authentication, etc. If you want to know how your enterprise can start using it, please give us a call  @ 0484 2388285 or email us at [email protected]