UIDAI, NPCI to set up eKYC aggregator

The Unique Identification Authority of India (UIDAI) and the National Payments Corporation of India (NPCI) are planning to set up an aggregator platform for eKYC (electronic know-your-customer), according to a Times of India report...

Aadhaar-based eKYC is used for paperless verification of a customers credentials for new mobile connections and bank accounts...

This will do away with the need for these entities to individually register for undertaking eKYC using Aadhaar, while also ensuring that user data is not shared with the players using the platform...

Once implemented, the platform is expected to help several non-banking finance companies (NBFCs) reach out to consumers to offer loans apart from aiding fintech players and insurance intermediaries...

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