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9 search results for "aadhaar"

Policy Brief: RBI permits video-based customer verification to address KYC challenges faced by the fintech industry

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Context On 9 January 2020, in a welcome step, the Reserve Bank of India (RBI) issued a circular to amend the Master Direction on know-your-customer (KYC). The circular enables leveraging of digital channels for Customer Identification Process (CIP) by Regulated Entities (REs). It permits Video based Customer Identification Process (V-CIP) as an alternate method of establishing the customer’s ident...

Fintech Update: SEBI’s circular on Aadhaar based e-KYC

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Context On 5 November, the Securities and Exchange Board of India (SEBI) issued a circular on use of e-KYC Authentication facility under section 11A of the Prevention of Money Laundering Act, 2002 by entities in the securities market for resident investors. The circular highlights the process by which SEBI registered intermediaries may also be registered with the Unique Identification Authority of...

Policy Update: Finance Ministry introduces digital KYC under PMLA

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Context The Ministry of Finance (Department of Revenue) has introduced digital KYC (know your customer) by amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, it said in a gazette notification dated 19 August 2019. “digital KYC means the capturing live photo of the client and officially valid document or the proof of possession of Aadhaar, where offline verification c...

Member Update: KYC challenges faced by Prepaid Payment Instruments (PPIs)

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Context The fintech industry continues to grapple with challenges around e-KYC. The recent circular from Ministry of Finance, dated May 9, 2019, has been much appreciated by the industry. However, the same has been rendered ineffective due to certain requirements in the circular and a lack of common understanding between the regulators and the Unique Identification Authority of India (UIDAI) with ...

Policy Update: Highlights of the Aadhaar and Other Laws (Amendment) Act, 2019

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Context On 24 July 2019, the Union Cabinet approved the amendments to Aadhaar and Other Laws (Amendment) Bill, 2019. The bill, which has become an Act, seeks to amend the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 and further to amend the Indian Telegraph Act, 1885 and the Prevention of Money-laundering Act, 2002. The Aadhaar and Other Laws (Amend...

Policy Brief: Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises

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Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises 03.07.2019 Context In January, the Reserve Bank of India constituted an eight-member expert committee on micro, small and medium enterprises (MSMEs) headed by former SEBI chairman U.K. Sinha to undertake a comprehensive review of the sector and to propose long-term solutions for its economic and financ...

Policy Brief: Highlights of the High Level Committee report on Deepening Digital Payments

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Highlights of the High Level Committee report on Deepening Digital Payments 25.06.2019 Context In January, the RBI had constituted a high-level committee headed by Aadhaar architect Nandan Nilekani to set up a robust digital payments ecosystem in the country. The expert panel, which was asked to recommend a medium-term strategy for deepening digital payments, and measures to strengthen safety and ...

AI For Good: When Aadhaar Stack meets Artificial Intelligence For Public Welfare

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Pradhan Mantri Jeeva Jyoti Bima, Atal Pension Yojana, Rashtriya Krishi Vikas Yojana… these are a handful of the thousands of welfare schemes rolled out by the Government of India. Every year, more than $150bn in funds is allocated by the Government of India for nearly 10,000 social welfare schemes for the economically-underprivileged sections of the nation. But, it is estimated that only aro...

How blockchaining Aadhaar can help

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We have to think of innovative applications of the tech so that it scales up. On the other hand, we have to look at current problems and see which existing technologies can solve them. I am not sure if everyone will agree that blockchain is the best solution for security issues with Aadhaar. Anyone who does not agree with this article which states the following? If Aadhaar was built on a blockchai...