RBI asks NBFCs to apply for Aadhaar e-KYC Authentication Licence

Sep 14, 2021 | by Avantis RegTech Legal Research Team

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Finance & Taxation Compliance

The Reserve Bank of India (RBI) on September 30, 2021 has issued a notification with regard to Non-banking Finance Companies (NBFCs) to apply for the Aadhar e-KYC Authentication Licence (If desired) to comply with Section 11A of the Prevention of Money Laundering  Act, 2002, which specifies entities other than banking companies may, by notification of the Central Government, be permitted to carry out authentication of client’s Aadhaar number using e-KYC facility provided by the Unique Identification Authority of India (UIDAI).

 All Non-Banking Finance Companies (NBFCs), Payment System Providers and Payment System Participants desirous of obtaining Aadhaar Authentication License - KYC User Agency (KUA) License or sub-KUA License (to perform authentication through a KUA), issued by the UIDAI, may submit their application to this Department for onward submission to UIDAI. The applications can also be forwarded to [email protected] The format of the application is provided in the Annex to this notification.

*Disclaimer - please find the annexure in the provided document.

[Notification No.RBI/2021-22/98 DOR.AML.REC 48/14.01.001/2021-22]

 


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