Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-trace').style.display = (document.getElementById('cakeErr67ea69298f904-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67ea69298f904-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-code').style.display = (document.getElementById('cakeErr67ea69298f904-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-context').style.display = (document.getElementById('cakeErr67ea69298f904-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67ea69298f904-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
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<code><span style="color: #000000"><span style="color: #0000BB">&nbsp;&nbsp;&nbsp;&nbsp;</span><span style="color: #007700">&lt;</span><span style="color: #0000BB">meta&nbsp;http</span><span style="color: #007700">-</span><span style="color: #0000BB">equiv</span><span style="color: #007700">=</span><span style="color: #DD0000">"Content-Type"&nbsp;</span><span style="color: #0000BB">content</span><span style="color: #007700">=</span><span style="color: #DD0000">"text/html;&nbsp;charset=utf-8"</span><span style="color: #007700">/&gt;
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		&#039;title&#039; =&gt; &#039;Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp;amp; Surabhi Agarwal&#039;,
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;
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In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
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&lt;div style=&quot;text-align: justify&quot;&gt;
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
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A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
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&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
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&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;
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&lt;br /&gt;
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On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
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&lt;br /&gt;
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UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.
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&lt;br /&gt;
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The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
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&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
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&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;
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He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp;amp; Surabhi Agarwal&#039;,
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&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;&lt;/div&gt;&#039;
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                <strong>Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp; Surabhi Agarwal</strong></h1>
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                <div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Move could save banks significant money spent on record-checking and documentation</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.</div><div style="text-align: justify">This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Data confirming the resident&rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&rdquo; said a finance ministry official who did not want to be identified. &ldquo;In principle, we have no objections to this.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&rsquo;s possible that banks can capture the information from the online database and store it for their records,&rdquo; the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&rdquo; said a UIDAI official involved in the discussions. &ldquo;We are working on it.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">UIDAI&rsquo;s online verification service, which is free for all users till December 2013, went live in February. &ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&rdquo; said the UIDAI official.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Once the banks&rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that banks will have to ensure &ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&rdquo;</div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-trace').style.display = (document.getElementById('cakeErr67ea69298f904-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67ea69298f904-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-code').style.display = (document.getElementById('cakeErr67ea69298f904-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-context').style.display = (document.getElementById('cakeErr67ea69298f904-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67ea69298f904-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
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		&#039;title&#039; =&gt; &#039;Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp;amp; Surabhi Agarwal&#039;,
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&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
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&lt;br /&gt;
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&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
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He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp;amp; Surabhi Agarwal&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
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On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
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He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. 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Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;&lt;/div&gt;&#039;
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Move could save banks significant money spent on record-checking and documentation





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                <strong>Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp; Surabhi Agarwal</strong></h1>
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                <div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Move could save banks significant money spent on record-checking and documentation</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.</div><div style="text-align: justify">This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Data confirming the resident&rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&rdquo; said a finance ministry official who did not want to be identified. &ldquo;In principle, we have no objections to this.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&rsquo;s possible that banks can capture the information from the online database and store it for their records,&rdquo; the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&rdquo; said a UIDAI official involved in the discussions. &ldquo;We are working on it.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">UIDAI&rsquo;s online verification service, which is free for all users till December 2013, went live in February. &ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&rdquo; said the UIDAI official.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Once the banks&rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that banks will have to ensure &ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&rdquo;</div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-trace').style.display = (document.getElementById('cakeErr67ea69298f904-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67ea69298f904-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-code').style.display = (document.getElementById('cakeErr67ea69298f904-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67ea69298f904-context').style.display = (document.getElementById('cakeErr67ea69298f904-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67ea69298f904-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
</span></code></span>
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		&#039;title&#039; =&gt; &#039;Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp;amp; Surabhi Agarwal&#039;,
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&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
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&lt;div style=&quot;text-align: justify&quot;&gt;
Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
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&lt;br /&gt;
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&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;
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&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
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He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp;amp; Surabhi Agarwal&#039;,
	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&amp;rsquo;s possible that banks can capture the information from the online database and store it for their records,&amp;rdquo; the official said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&amp;rdquo; said a UIDAI official involved in the discussions. &amp;ldquo;We are working on it.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
UIDAI&amp;rsquo;s online verification service, which is free for all users till December 2013, went live in February. &amp;ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&amp;rdquo; said the UIDAI official.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&amp;ldquo;Once the banks&amp;rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
&lt;br /&gt;
&lt;/div&gt;
&lt;div style=&quot;text-align: justify&quot;&gt;
He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...&#039;
$disp = &#039;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;em&gt;Move could save banks significant money spent on record-checking and documentation&lt;/em&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;Data confirming the resident&amp;rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&amp;rdquo; said a finance ministry official who did not want to be identified. &amp;ldquo;In principle, we have no objections to this.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&amp;ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. 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Banks will not need to maintain separate records and this will reduce the cost of operations,&amp;rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &amp;ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&amp;rdquo;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;&lt;br /&gt;&lt;/div&gt;&lt;div style=&quot;text-align: justify&quot;&gt;He added that banks will have to ensure &amp;ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&amp;rdquo;&lt;/div&gt;&#039;
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                <strong>Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp; Surabhi Agarwal</strong></h1>
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                <div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Move could save banks significant money spent on record-checking and documentation</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.</div><div style="text-align: justify">This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Data confirming the resident&rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&rdquo; said a finance ministry official who did not want to be identified. &ldquo;In principle, we have no objections to this.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&rsquo;s possible that banks can capture the information from the online database and store it for their records,&rdquo; the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&rdquo; said a UIDAI official involved in the discussions. &ldquo;We are working on it.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">UIDAI&rsquo;s online verification service, which is free for all users till December 2013, went live in February. &ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&rdquo; said the UIDAI official.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Once the banks&rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that banks will have to ensure &ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&rdquo;</div>               </font>
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		'title' => 'Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair & Surabhi Agarwal',
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		'description' => '<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
<em>Move could save banks significant money spent on record-checking and documentation</em>
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
</div>
<div style="text-align: justify">
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Data confirming the resident&rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&rdquo; said a finance ministry official who did not want to be identified. &ldquo;In principle, we have no objections to this.&rdquo;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&rsquo;s possible that banks can capture the information from the online database and store it for their records,&rdquo; the official said.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&rdquo; said a UIDAI official involved in the discussions. &ldquo;We are working on it.&rdquo;
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<div style="text-align: justify">
<br />
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On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
UIDAI&rsquo;s online verification service, which is free for all users till December 2013, went live in February. &ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&rdquo; said the UIDAI official.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
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<br />
</div>
<div style="text-align: justify">
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
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<br />
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&ldquo;Once the banks&rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&rdquo;
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He added that banks will have to ensure &ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&rdquo;
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...',
	'disp' => '<div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Move could save banks significant money spent on record-checking and documentation</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.</div><div style="text-align: justify">This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Data confirming the resident&rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&rdquo; said a finance ministry official who did not want to be identified. &ldquo;In principle, we have no objections to this.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&rsquo;s possible that banks can capture the information from the online database and store it for their records,&rdquo; the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&rdquo; said a UIDAI official involved in the discussions. &ldquo;We are working on it.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">UIDAI&rsquo;s online verification service, which is free for all users till December 2013, went live in February. &ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&rdquo; said the UIDAI official.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Once the banks&rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that banks will have to ensure &ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&rdquo;</div>',
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	'title' => 'Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair &amp; Surabhi Agarwal',
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	'description' => '<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
<em>Move could save banks significant money spent on record-checking and documentation</em>
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.
</div>
<div style="text-align: justify">
This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
Data confirming the resident&rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&rdquo; said a finance ministry official who did not want to be identified. &ldquo;In principle, we have no objections to this.&rdquo;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&rsquo;s possible that banks can capture the information from the online database and store it for their records,&rdquo; the official said.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&rdquo; said a UIDAI official involved in the discussions. &ldquo;We are working on it.&rdquo;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
UIDAI&rsquo;s online verification service, which is free for all users till December 2013, went live in February. &ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&rdquo; said the UIDAI official.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
&ldquo;Once the banks&rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&rdquo;
</div>
<div style="text-align: justify">
<br />
</div>
<div style="text-align: justify">
He added that banks will have to ensure &ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&rdquo;
</div>',
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Move could save banks significant money spent on record-checking and documentation





In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank...'
$disp = '<div style="text-align: justify"><br /></div><div style="text-align: justify"><em>Move could save banks significant money spent on record-checking and documentation</em></div><div style="text-align: justify"><br /></div><div style="text-align: justify">In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements.</div><div style="text-align: justify">This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">Data confirming the resident&rsquo;s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,&rdquo; said a finance ministry official who did not want to be identified. &ldquo;In principle, we have no objections to this.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it&rsquo;s possible that banks can capture the information from the online database and store it for their records,&rdquo; the official said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,&rdquo; said a UIDAI official involved in the discussions. &ldquo;We are working on it.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">UIDAI&rsquo;s online verification service, which is free for all users till December 2013, went live in February. &ldquo;Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,&rdquo; said the UIDAI official.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said.</div><div style="text-align: justify"><br /></div><div style="text-align: justify">&ldquo;Once the banks&rsquo; systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,&rdquo; said M. Narendra, chairman and managing director of Indian Overseas Bank. &ldquo;Electronic authentication will help both at the time of account opening and for maintaining subsequent records.&rdquo;</div><div style="text-align: justify"><br /></div><div style="text-align: justify">He added that banks will have to ensure &ldquo;they are able to transmit and receive data from UIDAI database in a fool-proof manner.&rdquo;</div>'
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Govt may amend Act to make Aadhaar data valid ID proof-Remya Nair & Surabhi Agarwal

Move could save banks significant money spent on record-checking and documentation In what could usher in an era of paper-less, real-time authentication, the finance ministry is looking into allowing online Aadhaar authentication as a valid proof of identity for opening bank accounts. The ministry is considering an amendment to the Prevention of Money Laundering Act, or PMLA, to recognize online Aadhaar data to satisfy know-your-customer (KYC) requirements. This will pave the way for electronic, low-cost customer acquisition for banks and other financial institutions, saving them significant money spent on physical record-checking and documentation. It will also be a major fillip to the Nandan Nilekani-led unique identification number project as it has pitched for online verification as the basis for delivering various private and government services, including welfare payments and direct transfer of cash subsidies. A letter containing the Aadhaar number is already considered a valid KYC document for opening bank accounts after the finance ministry amended the PMLA in December 2010, placing it on par with a passport, driving licence and the permanent account number, or PAN, and voter identity cards. Once PMLA is amended to include online Aadhaar verification, a customer can approach a bank branch and give his unique identity number and biometric details to open an account, which will be electronically authenticated through the Aadhaar database. Data confirming the resident’s demographic and biometric data can then be treated as a valid KYC and further manual verification of this digitally signed response will not be required. “We had included the letter of Aadhaar containing the name, address and number as an official valid document in PMLA. Now we are looking into whether the electronic Aadhaar authentication can also be included as a valid KYC,” said a finance ministry official who did not want to be identified. “In principle, we have no objections to this.” The finance ministry has written to all entities, including the Reserve Bank of India (RBI), the Financial Intelligence Unit and the home ministry for their views on the safety aspects of such a move, he said. The transition, however, may not come easy as banks are required under PMLA to maintain a certified copy of an officially valid document in their records. “Under PMLA, banks are supposed to keep a certified copy of the address proof in their records. But, with only a Aadhaar number, it is not possible. So we are working with UIDAI (Unique Identity Authority of India) to see if it’s possible that banks can capture the information from the online database and store it for their records,” the official said. “The finance ministry is positively disposed towards this now and have asked us for clarifications on the processes being followed,” said a UIDAI official involved in the discussions. “We are working on it.” On the issue of keeping physical records of KYC documents, the official said the authority is trying to come up with a solution and it should not be difficult. UIDAI’s online verification service, which is free for all users till December 2013, went live in February. “Online verification will save banks hundreds of crores which they spend on record-keeping and will enable an ecosystem of a common KYC for the entire financial sector,” said the UIDAI official. The task force on Aadhaar-enabled unified payment structure, which presented its report to the finance minister in February, had also recommended that both the Aadhaar letter and the electronic authentication be treated as sufficient proof of identity and proof of address. All financial regulators (RBI, Insurance Regulatory and Development Authority, Securities Exchange Board of India, and Pension Fund Regulatory and Development Authority) should issue notifications along the same lines for all financial products, the task force had said. “Once the banks’ systems are connected to the Aadhaar platform, banks will be able to transmit the details of the customer to UIDAI and get it verified. Banks will not need to maintain separate records and this will reduce the cost of operations,” said M. Narendra, chairman and managing director of Indian Overseas Bank. “Electronic authentication will help both at the time of account opening and for maintaining subsequent records.” He added that banks will have to ensure “they are able to transmit and receive data from UIDAI database in a fool-proof manner.”