Decoding RBI’s Latest Amendment On Permitting Regulated Entities To Subscribe To e-KYC Service

The Reserve Bank of India (RBI) and Unique Identification Authority of India (UIDAI) have been consistently working to improve the uptake and usability of  India’s Aadhaar-based e-KYC ecosystem.

Recently, on 13th September 2021, RBI released a circular stating that all RBI-governed entities, such as NBFCs, Payment System Providers, and Payment System Participants, can now apply for their own AUA / KUA license to use Aadhaar’s e-KYC and Aadhaar Authentication services of UIDAI.

(more…)

Implications of RBI’s latest amendments to Master Directions on KYC

On 10th May this year, the Reserve Bank of India (RBI) amended the Master Directions (MD) on KYC to expand the scope and usage of Video-based Customer Identification Process (V-CIP).

These amendments are a welcome move as they effectively eliminate the various ambiguities associated with the implementation of a V-CIP solution.

(more…)

ECS Helps NeSL Digitise and Execute Non-registrable Contracts and Agreements in Tamil Nadu

Continuing its winning streak of developing world-class digital platforms that facilitate ‘Ease of Doing Business’ and enhance the lives of discerning Indian citizens, ECS recently helped National E-Governance Services Ltd. (NeSL) – a Union Government Company, to develop a fully-digital platform to enable paperless execution of non-registrable agreements and digital payment of Stamp Duty in the the state of Tamil Nadu.

(more…)

New Development: IRDAI To Permit Insurance Companies To Use Video KYC Soon

Earlier this year, the Reserve Bank of India (RBI) had permitted banks and financial institutions to deploy Video Customer Identification Process (V-CIP) to digitally onboard new customers.

(more…)

Contactless Customer Acquisition: The “New Normal” In The Post-COVID19 World

As social distancing becomes the new norm amidst the raging Coronavirus (COVID-19) pandemic, organisations across the globe are focusing on contactless technologies to reduce in-person meetings with their customers.

(more…)

PMLA Fifth Amendment Rules, 2019 – Making e-KYC More Easier

In a welcome relief to Aadhaar holders and Aadhaar-based e-KYC Authenticating Entities alike, the Finance Ministry on Wednesday, 13th November 2019 amended the Prevention of Money Laundering Act (PMLA) to make the e-KYC process easier.

(more…)

Introducing Aadhaar Data Masking

Following the Hon. Supreme Court’s Aadhaar verdict in September last year that disallowed private organisations from conducting Aadhaar-based e-KYC authentication, many organisations switched back to manual, paper-based KYC in order to comply with the SC judgment.

(more…)

Cookies