Sunday, December 22

Tag: ekyc

Indian govt & RBI may Allow use of QR code-based offline Aadhaar
INDIA

Indian govt & RBI may Allow use of QR code-based offline Aadhaar

The Indian government and the Reserve Bank of India (RBI) are in talks to allow use of 'offline Aadhaar' that relies on QR codes. This would replace the biometric eKYC, for opening bank accounts, operating payment wallets and purchasing insurance covers. This particular move is significant as it will also benefit financial technology companies that have been prodding the government to amend the law to make Aadhaar mandatory. It's an option that the Centre has virtually ruled out for the moment. The SC has ruled that Aadhaar-based verification could not be done by private firms. Since the use of offline Aadhaar has to be facilitated by the RBI, the central bank needs to bring out a circular and has held two-three rounds of discussions with UIDAI. The court had ruled that Aadhaar could...
Paytm Gets RBI Licence For Payments Bank
News

Paytm Gets RBI Licence For Payments Bank

Today, Reserve Bank of India gave permission to formally launch Paytm Payments Bank. On its blog, Paytm announced this news. However, Airtel is the first company which already start a pilot project of payment bank in Rajasthan. In a statement Paytm said, "At Paytm Payments Bank, our aim is to build a new business model in banking industry, focused on bringing financial services to 100’s of millions of unserved or undeserved Indians." With power of technology and innovation-at-scale, we aim to become a benchmark in world of banking. This is our chance to build something that every Indian can be proud of. No other role or responsibility means as much to me as the privilege of building Paytm Payments Bank, and I intend to take a full-time executive role in the Bank. Earlier today,...
BankBazaar.com Launches e-KYC Platform For Loan Approvals
News

BankBazaar.com Launches e-KYC Platform For Loan Approvals

Financial marketplace BankBazaar.com today said it has launched a multi-brand paperless e-KYC platform for instant loan approvals. This eliminates the need for physical document submission for loan approvals through the companys online platform, BankBazaar.com said in a statement. This would be available for personal and car loans. "We, along with our partners, have been working towards this moment where we take the loan application process completely online and paperless," BankBazaar.com CEO Adhil Shetty said. This step promises to increase customer satisfaction and decrease operational costs for the banks, he added. This would also reduce the loan sanction time to as little as one business day, it said.  
MobiKwik Launches Aadhaar ‘eKYC’, To Update e-Wallets in Real Time
News

MobiKwik Launches Aadhaar ‘eKYC’, To Update e-Wallets in Real Time

MobiKwik, the largest independent mobile payments company in India has launched eKYC for its users. eKYC is RBI approved, paperless process for fulfilling KYC requirements that will allow MobiKwik users to upgrade their wallet with Aadhaar card in real time. Once a user requests eKYC on the app, a company representative will reach the user's location within 30 minutes and do real time wallet upgrade. "This launch further simplifies the wallet experience for our users and they can now avail benefits of a KYC account within half an hour," said Chief Operating Officer MobiKwik, Mrinal Sinha. UIDAI's e-KYC service enables KYC process to be performed electronically with explicit authorization by resident. As part of the e-KYC process, the resident authorizes UIDAI (through Aadhaar auth...