Aadhaar e-KYC license: The RBI calls applications from NBFC, the payment system operator


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India Reserve Bank announced on Monday that it has invited applications from non-banking financial companies (NBFCs), payment system providers and payment participants, seeking an Aadhaar e-KYC authentication license.

Under the Anti-Money Laundering Act (PMLA) of 2002, the government can allow entities other than banking companies to authenticate a client’s Aadhaar number using the e-KYC capability provided by the Unified Identification Authority of India (UIDAI). However, the notification must be issued only after consultation with UIDAI and the relevant regulator, the central bank explained.

A detailed procedure for processing requests under the above section for the use of Aadhaar authentication services by entities other than banking companies was submitted by the Revenue Department, Ministry of Finance on May 9, 2019, the RBI said in a statement.

“Accordingly, non-banking financial companies (NBFCs), payment system providers and payment system participants wish to obtain an Aadhaar Authentication License – KYC User Agency License (KUA) or a Sub-KUA License (for performing KUA authentication), which issued by UIDAI, may submit its application to this Section for further submission to UIDAI, ”the RBI explained.

The RBI said applications can also be forwarded via email, and the format is listed on its website.

Read also: The RBI warns bank customers of fraud in the name of updating KYC

Read also: RBI’s tokenization device that helps customers with repeat purchases with a single click

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