Unique Identification Authority of India that provides 12-digit Aadhaar identity number, has made its Know Your Customer service (KYC) process paperless to enhance customer convenience as well as improve business efficiency.
"As a first of its kind service, the electronic Know Your Customer (e-KYC) service of the Unique Identification Authority of India (UIDAI) is transforming the entire KYC process by making it paperless, instantaneous, secure, economical and non-repudiable," an official statement said today.
The e-KYC service is expected to enhance customer convenience and increase business efficiency across sectors that require proof of identity and address to open customer accounts.
"Using the e-KYC service, residents can authorise the UIDAI to release their KYC data to a service provider," the statement said.
Upon successful authentication and consent of the resident, the UIDAI will provide resident's name, address, date of birth, gender, photograph, mobile number and email address to the service provider electronically.
The e-KYC will benefit residents through various ways: they will not be required to carry documents or cards with them;, inclusion through digital id; no need to fetch ID documents; immediate on line authentication and service activation.
Besides, they will also have the benefit of having common ID for multiple purposes such as government benefits, travel, telecom, LPG and financial services.
On the other hand, service providers will save cost by eliminating the need for collecting and preserving paper copies, improved regulatory compliance and enhanced security.
Aadhaar is a 12-digit individual identification number which serves as a proof of identity and address, anywhere in India.
Any resident citizen of India, irrespective of age or gender, can enroll for Aadhaar free of cost and the unique Aadhaar number remains valid for life.
Source:-The Economic Times
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