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Digital Finance Companies Could Perform eKYC in the Near Future
May 18, 2019
The Ministry of Finance is exploring the possibility of allowing digital finance companies to verify their customers through the Aadhaar database. Presently, these companies have a physical KYC setup.
Should the Ministry approve, it would be a boost for mobile wallets and digital lending platforms that are presently struggling to be compliant of the banking guidelines. However, these companies would have to adhere to the security and privacy standards of Aadhaar. The credentials of these companies would have to be vetted by the RBI and UIDAI along with the Security and Exchange Board of India (SEBI) before they can get access to the biometric-based database.
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