The electronic Know Your Customer (e-KYC) service of the Unique Identification Authority of India (UIDAI) is transforming the entire KYC process by making it paperless, instantaneous, secure, economical and non-repudiable. The UIDAI expects its e-KYC service to enhance customer convenience and greatly increase business efficiency across sectors that require proof of identity and address to open customer accounts. Not only will this service streamline the process of on-boarding new customers but it will also simplify the process of linking existing customer accounts to their respective Aadhaar numbers in an easy yet secure manner.
The Ministry of Finance, Government of India, has already recognized e-KYC as a valid document for all financial services under the Prevention of Money Laundering (PML) Rules. The UIDAI is working with sector regulators for extending e-KYC to their respective sectors.
The e-KYC service will extend the power and convenience of Aadhaar KYC to paperless transactions. Using the e-KYC service, residents can authorize the UIDAI to release their KYC data to a service provider. This authorization can either be done in person (through biometric authentication), or it can be done online (through OTP authentication). Upon successful authentication and consent of the resident, the UIDAI will provide the resident’s name, address, date of birth, gender, photograph, mobile number (if available), and email address (if available) to the service provider electronically.’