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The Ministry of Finance has authorized five Non-Banking Financial Companies (NBFCs) to conduct Aadhaar-based authentication under the Prevention of Money-laundering Act, 2002 (PMLA), marking another step towards strengthening digital identity verification in the financial sector. In a notificatio
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FAQ :
The five NBFCs authorised are Oxyzo Financial Services Limited, Berar Finance Limited, Finkurve Financial Services Limited, Tata Capital Limited, and BOBCARD Limited.
They are authorised to conduct Aadhaar-based authentication under the Prevention of Money-laundering Act, 2002 (PMLA).
The purpose is to strengthen digital identity verification in the financial sector and bolster anti-money laundering (AML) measures by facilitating secure customer identification through Aadhaar-based Know Your Customer (KYC) processes.
Aadhaar authentication will help these financial entities streamline customer onboarding, improve compliance, and prevent identity fraud.
The notification was issued following consultation with the Unique Identification Authority of India (UIDAI) and the Reserve Bank of India (RBI).
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