Alternate digital KYC being launched to replace Aadhaar KYC by mobile operators

The alternate digital process for KYC entails scanning of the proof of address and identity, embedding live customer photo and online customer acquisition form, the source said adding that the entire process will be digital.

The official further pointed out that the company will be phasing out the eKYC process, as the digital KYC system is rolled out to new locations, and stablises.

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The Reserve Bank of India (RBI) may introduce new modes of electronic verification of customers for financial institutions, including live video, according to two payment company executives privy to the plans.

In a meeting with the industry executives last week, RBI officials indicated they were keen on rolling out a digital authentication method that would use the XML internet format to extract limited information on customers from the Aadhaar database. This wouldn’t include the biometrics collected while generating Aadhaar digital identities for residents of India.

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Sushubh said:

Aadhaar authentication: Digital finance firms may get eKYC facility, Technology News, ETtech

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The note also highlights the provision for UIDAI to suspend and cancel access to any entity that defaults.

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