eKYC

The Unique Identification Authority of India (UIDAI) has been established with the mandate of providing a Unique Identification Number (Aadhaar) to all residents of India.

Standard UIDAI Key features and benefits covered by :

Paperless :

The service is fully electronic, and document management can be eliminated.

Consent based :

The KYC data can only be provided upon authorization by the resident through Aadhaar authentication, thus protecting resident privacy.

Eliminates Document Forgery :

Elimination of photocopies of various documents that are currently stored in premises of various stakeholders reduces the risk of identity
fraud and protects resident identity. In addition, since the e-KYC data is provided directly by UIDAI, there is no risk of forged documents.

Inclusive :

The fully paperless, electronic, low-cost aspects of e-KYC make it more inclusive, enabling financial inclusion.

Secure and compliant with the IT Act :

Both end-points of the data transfer are secured through the use of encryption and digital signature as per the Information Technology
Act, 2000 making e-KYC document legally equivalent to paper documents. In addition, the use of encryption and digital signature
ensures that no unauthorized parties in the middle can tamper or steal the data.

Non-reputable :

The use of resident authentication for authorization, the affixing of a digital signature by the service provider originating the e-KYC
request, and the affixing of a digital signature by UIDAI when providing the e-KYC data makes the entire transaction nonreputable
by all parties involved.