The Unique Identification Authority of India (UIDAI) has announced an extension to the free online update window for Aadhaar card details. Previously set to expire on September 14, 2023, individuals now have until December 14, 2023 to modify their address, name, date of birth, gender, mobile number, and email address without incurring any charges.
The Unique Identification Authority of India (UIDAI) has announced a major advancement in its Aadhaar eSign service: the integration of face authentication for document signing. This innovative feature marks a significant step forward in user convenience, security, and accessibility.
UIDAI has introduced a new authentication mechanism for doing Aadhaar EKYC. Face authentication. In which the physical face being scanned for verification and matches the one which was captured at the time of enrolment. As we found this an interesting development in the echo system, we pounced into the opportunity. We have been able to develop an android application that enables a KUA for doing Aadhaar EKYC using face authentication. The success rates were unbelievably high. We have received great response from all our customer banks about implementing face auth in production(Includes SIB, Ujjivan bank etc). Few banks like Kotak have the system in place already.
Your PAN card is a vital document that you need for a variety of financial transactions. If you have recently moved, you may need to update your PAN card address. Fortunately, you can now do this easily using your Aadhaar card.
Aadhaar eKYC service is a fast, secure and convenient way to capture KYC information of customers and it is available for NBFCs and BFSI companies in India. To use this service, service providers need to register with UIDAI as KUA (KYC User Agency) or Sub KUA (Sub KYC User Agency).
KUA is a direct license holder from UIDAI and can access the eKYC service directly. Sub KUA is an entity that has an agreement with a KUA to access the eKYC service through them. Sub KUA pays a fee to the KUA for using the service.
The Unique Identification Authority of India (UIDAI) was charging license fees of 20 lakhs for 2 years for Authentication User Agencies (AUAs) and e-KYC User Agencies (KUAs). However, after receiving feedback from entities performing fewer authentication transactions and having a small capital structure, UIDAI has decided to review their license fees and they have reduced it considerably based on transaction counts.
AUAs performing up to 5 lakh transactions per year will be charged Rs. 5 lakh for 2 years,
AUAs performing from 5 to 20 lakh transactions per year will be charged Rs. 10 Lakhs for 2 years,
and for AUAs performing more than 20 lakh transactions per year will be charged Rs. 20 Lakhs for 2 years.
Additionally, newly onboarded AUAs will be granted free access to the pre-production environment for the first three months, but if they fail to move into production within the given time frame they will have to pay the pre-production license fee of Rs. 5 lakh. Furthermore, at the time of subsequent renewal if the entity is found to have performed higher number of transactions, then the differential will be recovered along with interest. This revised license fee policy will come into effect from July 1, 2023.
For more information contact us.
Meta Description: Are you confused about how to download Aadhaar via DigiLock services using Whatsapp? Here are all the essential steps you need to follow
Are you scared of misplacing your Aadhaar while travelling or being unable to trace it amidst unorganised files during an emergency? You don't need to worry about it anymore. Accessing your adhaar is simpler now than you ever thought. The Government, in an attempt to make Digilocker services more accessible and hassle-free, has collaborated with the instant messaging app Whatsapp. You can now avail of Digilocker services via WhatsApp to download your adhaar. This article outlines the easy steps to download and avail of the adhaar eKYC service successfully.
Meta Description: How Sub KUA based Aadhaar eKYC is providing a level playing field to small and medium scale NBFCs to compete with larger players in providing better customer on boarding and shorter loan dispersal time
Aadhaar eKYC has been a game-changer for non-banking financial companies (NBFCs). The 12-digit unique identification number issued by the Indian government to all citizens of India, Aadhaar has revolutionized the way NBFCs have been doing business since its implementation.
The use of Aadhaar eKYC has enabled NBFCs to quickly and securely verify the identity of their customers as well as process their loan applications. This has helped NBFCs to reduce the time taken to process a loan application, which in turn, has enabled them to serve more customers in a shorter period of time. Additionally, it has helped to reduce the paperwork involved in the loan application process. This has resulted in the reduction of costs associated with document collection and verification, which has allowed NBFCs to pass the savings on to their customers.
Aadhaar eKYC has also enabled NBFCs to build trust with their customers. NBFCs are able to quickly and securely verify the identity of their customers and thus, reduce the risk of fraud and money laundering. This has enabled NBFCs to build trust with their customers, which in turn, has helped to increase their customer base.
Finally, Aadhaar eKYC increases the operational efficiency of the NBFC. NBFCs are able to quickly and securely verify the identity of their customers. This reduces the risk of fraud and money laundering, which helps to reduce the cost of operations. Additionally, NBFCs are able to reduce the time taken to process a loan application, which in turn, has enabled them to serve more customers in a shorter period of time.
With Sub KUA registration, small and medium scale NBFCs and Co-Operative Banks can now take advantage of the benefits of Aadhaar eKYC and on board customers with less paper work. Sub KUA registrations fees are less than 10% of KUA registration fee making it a viable option for small and medium scale NBFCs. Thus it provides a level playing field for smaller players to compete with bigger rivals in providing faster customer on boarding and shorter loan dispersal times.
In conclusion, Aadhaar eKYC has revolutionized the way NBFCs have been doing business since its implementation. It has enabled NBFCs to quickly and securely verify the identity of their customers, reduce the time taken to process a loan application, access a larger pool of potential customers, and increase their efficiency. NBFCs are able to build trust with their customers and reduce the cost of operations, which has allowed them to pass the savings on to their customers.
For more information contact us.
Meta Description: Want to learn the importance of eKYC for a faster banking process? Here's how eKYC enables co-operative banks to process quick transactions and customer-related services.
KYC (Know Your Customer) is one of the easiest ways to verify a customer's identity and address. Customers must complete their eKYC to open their bank account, investment account, fixed deposit, or any other bank-related account. eKYC through Aadhar is the fastest process way of customer verification.
In the guidelines by the central authority, co-operative banks are authorized to process eKYC via customer Aadhar number. The reason behind processing eKYC is to ensure the customers are involved in fair transactions or fair online dealings rather than in contact with any illegal financial group. Additionally, in the updated eKYC Aadhar process using Sub-KUA(Sub- KYC User Agency) mode, co-operative banks won't require documentation paperwork or signatures but will follow biometric information.
Types of eKYC Available
There are two types of eKYC available: online & offline.
Online Mode
This includes the following:
Offline Mode
This includes the following:
Recently, the Unique Identification Authority of India (UIDAI) has enabled co-operative & NBFCs under KUA & Sub-KUA registration to process eKYC authentication for faster customer Aadhar verification.
Aadhar eKYC: More Efficient & Secure
All co-operative banks, with certificate from the Registrar of Cooperative Society of the respective state can use the e-KYC authentication process once they register with UIDAI as a Sub KUA. They can collect eKYC data from the Aadhar card holder by doing Aadhaar authentication using finger print scanning or OTP. The advantages of using Aadhaar eKYC for co operative banks are the following:
Quick Verification
Paper Free Process
Biometric Security
Impact of Aadhar eKYC on Co-operative Banks
Banks can verify their customer data, transactions, and additional processes faster with eKYC. Since biometric technology is available, customers don't need to bring identity verification documents to banks. Additionally, KUA does not store Aadhar card data; instead, they share it with authorities/service providers. Hence, stored data in the online server is only visible to service providers and registered Aadhar holders.
To Sum Up
Verification through eKYC authentication is the fastest way of Aadhar verification. Nowadays, every large banks and NBFCs follow the eKYC authentication servers to process and open an account, fixed deposit, or other services. It is a revolutionary attempt to make the banking process stronger, more efficient, and hassle-free.
Ref Link:
https://uidai.gov.in/images/resource/Compendium_August_2019.pdf
