Significantly, over 2.3 crore women are currently registered under the scheme. The state has put in place additional checks to prevent irregularities and ensure that assistance reaches those who meet the eligibility requirements.
The Sebi FAQ said that the facility of online or digital KYC can be extended to persons with disability by adopting accessibility standards.
Video KYC is changing how personal loans are verified—fast, paperless, and done right from your home. Learn how this RBI-approved process makes getting a loan quicker and more convenient than ever.
Aadhaar Enabled Payment System (AEPS), too, has been an enabler of financial inclusion, the release noted.
As per the UIDAI, one can generate Aadhaar paperless e-KYC document online by simply logging in at the UIDA direct link — resident.uidai.gov.in/offline-kyc
Providing access through a third-party like the National Payments Corporation of India could help prevent misuse and money laundering
CDSL said it will facilitate intermediaries to offer seamless online account opening using Aadhaar-based e-KYC.
The report, titled 'Redefining the FinTech experience: Impact of COVID-19', said fintech can act as enablers for the banking and financial sector, playing a crucial role in ubiquity and adoption of digital financial services.
Besides, the exchange is planning to provide e-KYC services to stock brokers and other approved intermediaries in the near future, BSE said in a statement.
"This is a step in the right direction as we had noticed lot of investors discontinuing SIPs after Aadhaar was disallowed to be used as e-KYC," said Narendra Sinha, a Mumbai-based distributor.
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The alternate digital KYC process has begun with select circles including Delhi, UP (East) and UP (West) and will be extended to other locations in the coming days, the official privy to the development told PTI.
Companies are approaching UIDAI under the Aadhaar Act 2016, to address the issue to prevent steep fall in their customer on-boarding.
The Centre for Development of Telematics (C-DoT) has developed a ‘public data office’ (PDO) technology solution to deliver low-cost Wi-Fi solutions. The mass PDO solution is priced at Rs 50,000.
According to the directive, any number which doesn’t have e-KYC will be considered illegal after February 6, 2018.
In its latest recommendation to DoT, Trai has also proposed that Aadhaar-based e-KYC should be permitted for outstation customers at any place within the service area.
"The company has been appointed as E-KYC User Agency (KUA) for the usage of Aadhaar authentication devices provided by UIDAI to provide Aadhaar enabled services to company beneficiaries, clients and customers," as per company release.
The New India Assurance CMD G Srinivasan, said it is a socio-economic challenge in India that health insurance is not accessible to all and it lacks sustainability as well.
In a statement, Telenor India said it is implementing e-KYC based SIM activation facility across its six circles, to take customer on-boarding experience to the next level.
Shinjini Kumar of Paytm Payment Bank said the guidelines for payment banks are very progressive. There is a clear recognition that payment bank is a low-risk model and it would succeed when it has flexibility, she said, adding that players can differentiate themselves.
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Forget the bulky paperwork, you can now apply, validate and activate new pre-paid and post-paid mobile connections using your Aadhaar card and fingerprint at the point of sale.
"This is the first-of-its-kind offering which will give collateral-free loans of up to Rs 15,000 within two hours to deserving individuals based on their cash flow history," Axis Bank Executive Director Rajiv Anand said.