Essentially, the Bill clears the way for Aadhaar e-KYC, Aadhaar offline KYC, and KYC through passport or other OVDs, depending on the customer’s choice.
In December 2018, the Cabinet had approved amendments to the Prevention of Money Laundering Act (PMLA), the Telegraph Act, and the Aadhaar Act intended to pave way for Aadhar-based customer authentication in cases where the customer explicitly opts for it.The Bill was introduced in the Parliament yesterday. The key highlights of the bill are:
Allows banks, telcos, and ISPs to do Aadhaar-based authentication; or- Allows offline Aadhaar-based verification; or
- Allows use of passport as an OVD; or
- Use of any other valid Central Government identification as an OVD
Essentially, the Bill clears the way for Aadhaar e-KYC, Aadhaar offline KYC, and KYC through passport or other OVDs, depending on the customer’s choice.
Our legal counsel Bhavin Patel and Hemant Krishna V of Bayside Advisors give more details on the Bill and its implications.
To find out about IDfy’s Digital KYC solutions, please write to shivani@idfy.com
