Quick Summary
The Ministry of Finance has authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)-which also performs the functions of the Central KYC Records Registry (CKYCR)-to use Aadhaar authentication for identity verification. The notification, issued under Section 4(4)(b)(ii) of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016, allows the use of Aadhaar numbers for establishing identity during KYC v
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FAQ :
The purpose is to enhance transparency, ease of access, and efficiency in identity verification for financial services, making the receipt of subsidies, benefits, and services more seamless.
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), which also functions as the Central KYC Records Registry (CKYCR), is authorised to use Aadhaar authentication.
No, Aadhaar authentication for KYC purposes is voluntary. Individuals will be informed of alternative identification options and no service will be denied to those unwilling or unable to undergo Aadhaar authentication.
Alternative options include a Passport, Driving Licence, Voter ID, Job Card under MGNREGA (duly signed by a State Government officer), or a Letter from the National Population Register containing name and address details.
Regulated entities under the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA), and International Financial Services Centres Authority (IFSCA) can authenticate Aadhaar details.
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