Monday, October 18, 2021

Impact of Aadhaar on Indian economy


Issued by the UIDAI (Unique Identification Authority of India) the Aadhaar serves as a proof of Identity and address for any Indian citizen/resident living anywhere in India. The unique 12-digit number helps in establishing the identity of each individual living in the country. 

Aadhaar online KYC helps in establishing the identity of the individual. The agencies can verify the identity of the beneficiaries and customers while delivering the benefits/services to them as well as while onboarding new customers. Aadhaar eKYC online services help in preventing the misuse of the services and benefits provided to the individuals. By using Aadhaar as their proof of identity the beneficiaries get the benefits and subsidies directly in an effortless manner.

Wednesday, October 6, 2021

UIDAI Reduces charges for Aadhaar Online KYC and why it matters


The UIDAI (Unique Identification Authority of India) has recently cut down the charges for Aadhaar authentication. Based on a circular issued by the UIDAI the fee for each instance of Aadhaar based authentication has been reduced from Rs. 20 to Rs. 3.00.

Issued by the UIDAI the Aadhaar is one of the most important of all documents in establishing the identity of an Indian citizen or an Indian resident. Aadhaar authentication can be done in few minutes by making use of the Aadhaar eKYC online services. This is the most reliable and cost-effective solution when it comes to onboarding new clients/customers.

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.









Name of the Non-Bank Regulated Entity



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



Date of registration with RBI



RBI Registration/Licence Number



PAN Number



GST Number



Address of registered office



Address for correspondence



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



Net Owned Funds as on March 31 of previous financial year

Rs.           crore


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



Number of customers at the end of last 3 Financial Years



Number of customers












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



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



Name and contact details of Principal Officer




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




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



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



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.



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.



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]

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