Fintech Startups Cheer New RBI Norms For Aadhaar e-KYC Licence
India, Sept. 14 -- The Reserve Bank of India (RBI) has invited applications from a number of different non-banking participants in the lending and payment ecosystem looking to obtain an Aadhaar e-KYC licence. The Indian fintech ecosystem has welcomed the move.
In May 2019, the finance ministry had come out with a detailed procedure for processing of applications (under the Prevention Of Money Laundering Act) for use of Aadhaar authentication services by entities other than banking companies. As per provisions of Section 11A of the Act, entities other than banking companies may be permitted to authenticate a client's Aadhaar number using digital Know Your Customer (e-KYC) facility provided by the Unique Identification Authority of India (...
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