Friday, January 13, 2023

Has There Been an Increase in Aadhar eKYC Transaction Volume?


Meta-Description: The Reserve Bank of India has recently allowed NBFCs to register as KUAs or Sub-KUAs. This has led to a significant spurt in Aadhar-based eKYC transactions. Read on to discover more about the topic

Aadhar-based eKYC has come as a blessing for financial institutions and beneficiaries alike. This service enables non-banking financial companies (NBFCs) to collect their clients' 'Know Your Customer conveniently' (KYC) details. Earlier, NBFCs weren't allowed to avail of this service; however, thanks to the Reserve Bank of India's circular RBI/2021-22/98 DOR.AML.REC 48/14.01.001/2021-22 dated 13/09/2021, NBFCs can register for the Aadhar eKYC license. According to this notification, NBFCs can choose KUA (KYC User Agency) or Sub KUA registration to avail of the Aadhar eKYC service.