With cardholder's consent, service providers can access required data electronically.
You can soon do away with the hassles of filling your ‘know your costumer’ (KYC) details with various service providers.
In a first-of-its-kind move initiated by the Unique Identification Authority of India (UIDAI), the entire process is being transferred into an e-KYC (electronic-KYC). The system will work only if a person authorises the UIDAI to release his/her details for the KYC.
On Monday, UIDAI chairman Nandan Nilekani gave details to the press about the initiative after an ‘On boarding workshop for e-KYC stake holders’. The e-KYC will begin with UIDAI sharing services with the banking, insurance and telecom sectors.
“The idea is to enhance the customer convenience while making the process paperless and increase the business while providing for audit and better management of the data,” said Nilekani.
The UIDAI authorities told mediapersons that the revenue department had already notified the e-KYC process and department of legal affairs, ministry of law and justice have approved it.
The system will work like any other KYC process, minus the paperwork. Service providers will have to get in touch with UIDAI to share the e-KYC data. The data will be given to the service provider only after a person, who has the Aadhaar number, will give his/her consent.
Service providers will have to buy the machines and will have to download the UIDAI app. If a customer intends to open a new bank account or take a new SIM card, he will have to give his biometric authentication or give the details online through the one-time password.
“The process is already in place. It’s like we have introduced a new train and now people can avail the services by booking tickets. The service providers will now have to get in touch with us for the details,” said Ajay Bhushan Pandey, deputy director general UIDAI.
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