aadhar e-KYC-Know Your Customer
Know your customer (KYC) is the process of a business verifying the identity of its clients. The term is also used to refer to the bank regulation which governs these activities.
Know your customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents, consultants, or distributors are antibribery compliant. Banks, insurers and export creditors are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity. Know your customer policies are becoming much more important globally to prevent identity theft, financial fraud, money laundering and terrorist financing.
Aadhaar ekyc is a paperless Know Your Customer (KYC) process, wherein the Identity and Address of the subscriber are verified electronically through Aadhaar Authentication.
Financial Inclusion: By providing a digital ID that can be verified online and also provide approved KYC, Aadhaar has provided a gateway for millions to avail formal financial services in a hassle free manner.
Aadhaar based Authentication is a process by which Aadhaar number along with Aadhaar holder’s personal information (biometric/demographic) is submitted to UIDAI and UIDAI responds only with a “Yes/No”. The purpose of authentication is to enable Residents to provide their identity and for the service providers to supply services and give access to the benefits.NSDL e-Gov also provides e-KYC services of UIDAI to entities whereby the KYC details of a Resident like Name, Address, Date of Birth, Gender, Photograph, Mobile No., e-mail ID (if available) are provided by UIDAI in a secured manner to the end user.
Aadhaar based authentication and e-KYC services are available to different sectors of the industry ranging from Banks, Insurance companies, Government Organizations, Passport Offices, Airports, Depository Participants, Payment Gateway Provider, etc.