[ad_1]
This move would facilitate your KYC process and reduce costs and time in addition to preventing money laundering activities, if any.
Locals displaying Aadhaar cards will receive free ration at a public school in Delhi on April 8 (Photo credits: PTI)
The Ministry of Finance (Revenue Department) has now allowed 29 insurance companies and 9 securities / securities entities to perform Aadhaar authentication services of the Unique Identification Authority of India (UIDAI). However, the use of the Aadhaar authentication service is voluntary. If someone gives PAN details, they don’t need to opt for Aadhaar authentication.
The Finance Secretary, Dr. Ajay Bhushan Pandey, who was previously the CEO of UIDAI, said that the Ministry of Finance has issued two notifications about it “to allow these entities to use Aadhaar’s authentication services under the Aadhaar Law with the standard security and privacy measures required would help these entities to perform in real time, perform e-KYC and would also reduce the cost of the transaction. “
“This would also be beneficial for clients or investors, especially small and retail, as they do not need to submit documents or physical documents to KYC,” added Dr. Ajay Bhushan.
The ministry has allowed these insurance and securities entities to use Aadhaar’s authentication services under the Money Laundering Prevention Act (PMLA), 2002, subject to the satisfaction of their respective regulatory authorities, namely: the Authority Insurance Regulator of India (IRDA) and Securities and Exchange Board of India (SEBI). IRDA and SEBI will determine if they meet the privacy and security standard under the Aadhaar Act.
This means that the following companies will now be able to use Aadhaar data in real time.
IRDA regulated entities that can now use Aadhaar:
- Bajaj Allianz Life Insurance Company Limited
- Bharti AXA Life Insurance Company Limited
- Exide Life Insurance Company Limited
- HDFC Life Insurance Company Limited
- ICICI Prudential Life Insurance Company Limited
- India First Life Insurance Company Limited
- Max Life Insurance Company Limited
- PNB Metlife India Insurance Company Limited
- SBI Life Insurance Company Limited
- Future Generali India Life Insurance Company Limited
- Reliance Nippon Life Insurance Company Limited
- Aegon Life Insurance Company Limited
- Shriram Life Insurance Company Limited
- Aditya Birla Sun Life Insurance Company Limited
- Pramerica Life Insurance Limited
- Kotak Mahindra Life Insurance Company Limited
- Star Union Dai-ichi Life Insurance Company Limited
- IDBI Federal Life Insurance Company Limited
- Edelweiss Tokio Life Insurance Company Limited
- Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited
- Kotak Mahindra General Insurance Company Limited
- Future General India Insurance Company Limited
- Acko General Insurance Limited
- Royal Sundaram General Insurance Company Limited
- SBI General Insurance Company Limited
- HDFC Ergo General Insurance Company Limited
- Apollo Munich Health Insurance Company Limited
- Manipal Cigna Health Insurance Company Limited
- Religare Health Insurance Company Limited
Meanwhile, SEBI regulated entities that can now use Aadhaar:
- Bombay Stock Exchange Limited
- National Securities Depository Limited
- Central Depository Services (India) Limited
- CDSL Ventures Limited
- NSDL Database Management Limited
- NSE Data and Analytics Limited
- CAMS Investor Services Private Limited
- Computer Age Management Services Private Limited
- Link Intime India Pvt Ltd
According to the government, this would facilitate their KYC process and reduce costs and time as well as avoid money laundering activities, if any.
Editor’s Note: Additions have been made to this copy after publication.
