Over 25 crore e-KYC transactions were carried out using Aadhaar in September, almost 7.7 per cent higher than the levels seen in August, PTI reported.
Aadhaar is one of the most important papers in the country currently. However, considering the multiple photocopies and self-attestation you must supply, the manual KYC verification process can be time-consuming. The Aadhaar e-KYC minimizes such hassles.
Aadhaar-based e-KYC is a paperless identity identification procedure that is carried out with the individual's permission. This entails ID verification using biometric and demographic information gathered during the Aadhaar registration process and stored in the UIDAI database.
Since the UIDAI has previously validated this information, it saves time by eliminating the need for laborious documentation and attestations. By using Aadhaar for this reason, you may save the burden of having to produce many documents to prove your identity, your residence, your age, etc. Aadhaar is a complete record that is valid for all of this information.
Let us go through the procedure to complete your e-KYC using Aadhaar.
Step 1: As the initial step, you need to complete the online registration, which can be quickly done by submitting an application to any of the SEBI-licensed KRA (KYC registration agency) web portal.
Step 2: There are several of them, including CDSL Ventures Ltd (CVL), NSDL Database Management Limited (NDML), DotEx International Limited (DotEx), CAMS Investor Services Private Limited, and Karvy Data Management Services Limited (KDMS).
Step 3: You must provide your personal information, including your Aadhaar card number after making an account on the eKYC site of any KRA.
Step 4: Provide your registered phone number and enter the OTP received on the same.
Step 5: Following completion of all the above steps, you may use the KRA's web site to verify your status by entering your PAN number.
Step 6: By accessing the eKYC site of your choice and selecting the 'Update KYC' option, you may modify digital KYC records. To establish the proof for the changes, enter the amended information and upload a scanned copy of the updated documents.
Step 7: You will then receive an OTP on the registered mobile phone number. You can click submit when the verification is complete, and the information will be modified within a week.
The usage of eKYC verification services is not universal. The Aadhaar-based eKYC approach can only be utilised by agencies and institutions that have been validated by UIDAI. As long as eKYC is applied, your credentials will never get into the hands of those who have harmful intentions.
Aadhar's implementation has created new opportunities for paperless verification and fraud prevention techniques. For the first time, the whole nation's population may be digitally logged and followed. Similar to the eSign function, which uses an Aadhar number and a cellphone number associated with it to digitally sign legal papers, eKYC is anticipated to become extremely popular across the nation.