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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).
The Finance Secretary, Dr. Ajay Bhushan Pandey, who was previously the CEO of UIDAI, said that the two notifications have been issued in this regard by the Ministry of Finance “to allow these entities to use Aadhaar’s authentication services under the Aadhaar’s law with the necessary standard security and privacy measures would help these entities to perform in real time, conduct 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
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.
