Aadhaar

Dalberg along with Omidyar network India recently did human-centered design-based research on how Aadhaar is being received and used by the masses. You can access the actual report here.

UIDAI’s decision to charge for eKYC transactions, had considerable effect on financial institutes including banks and NBFC’s that were dependant on eKYC to fulfil their KYC obligations, though what most ignored was its effect on eSign,

RBI’s latest amendment of master directive on KYC, allowed regulated entities including banks to use offline Aadhaar for identifying and verifying their customers as required by PMLA act. This meant all private sector companies that had lost, an easy to use method of KYCing with eKYC, can now use Offline Aadhaar which is very similar to ekYC to KYC their customers.

On 2nd March, 2019, the President of India vide the office of Ministry of Law and Justice notified the Aadhaar and Other Laws (Amendment) Ordinance, 2019 (“Ordinance”). The Ordinance proposes the same amendments as those contained in the Aadhaar Bill, 2018,

One of the best things about Aadhaar API was its ability to allow organisations like Banks and other financial institutions to instantly verify the identity of the customer, as required by RBI regulations. This meant new accounts and loan disbursements could be done almost instantly and with minimum to no human intervention.

Aadhaar auth is used to prove you are who you say you are. KYC or Know your customer, simply put is the process of identifying a customer.