Aadhaar-based digital KYC has completely transformed the way organisations onboard new customers. With fully-automated onboarding / KYC systems in place, an increasing number of organisations are now using paperless means of completing the end-user KYC.
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.
Continue reading “Decoding RBI’s Latest Amendment On Permitting Regulated Entities To Subscribe To e-KYC Service”Automating Document Identification and Digital Retrieval of KYC Data
When it comes to checking Officially Valid Documents (OVDs) and verifying KYC information, the maker-checker concept has been in place for a long time. However, due to the accelerated pace of digital transformation catalysed by the pandemic, the manual process of this maker-checker activity has started becoming more expensive and hence unviable.
Continue reading “Automating Document Identification and Digital Retrieval of KYC Data”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.
Continue reading “Implications of RBI’s latest amendments to Master Directions on KYC”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.
Continue reading “ECS Helps NeSL Digitise and Execute Non-registrable Contracts and Agreements in Tamil Nadu”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.
Continue reading “New Development: IRDAI To Permit Insurance Companies To Use Video KYC Soon”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.
Continue reading “Contactless Customer Acquisition: The “New Normal” In The Post-COVID19 World”
Frequently Asked Questions (FAQs) on V-CIP
Ever since we reached out to you all with our Video-based Customer Identification Process (V-CIP) solution, we have been inundated with a number of queries on the nitty gritties of V-CIP.
Continue reading “Frequently Asked Questions (FAQs) on V-CIP”
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.
Continue reading “PMLA Fifth Amendment Rules, 2019 – Making e-KYC More Easier”
Decoding the implications of ‘Prevention of Money Laundering (Maintenance of Records) Third Amendment Rules, 2019’
To eliminate all ambiguities surrounding ‘Digital KYC’, the Department of Revenue working under the aegis of the Union Government of India’s Ministry of Finance recently released a notification on 19th August 2019 titled ‘Prevention of Money Laundering (Maintenance of Records) Third Amendment Rules, 2019.’