RBI asks banks to consider e-KYC a valid process

In a notification issued by the Reserve Bank of India, banks have been asked to avail the electronic Know Your Customer, e-KYC service, launched by the Unique Identification Authority of India, UIDAI. The notification directed banks to revise their KYC policy by accepting the e-KYC as a valid process for KYC verification under the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. As per the notification, the information containing demographic details and photographs made available from UIDAI as a result of e-KYC process may be treated as an ‘Officially Valid Document’ under PML Rules.

What is e-KYC?
The e-KYC service was launched by the UIDAI to help people link their existing records, like ration cards, pension accounts, license and certificates, to their Aadhaar numbers in a safe and easy manner.

Month: Current Affairs - September, 2013