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Notification on e-KYC setu system

Ministry of Finance vide ref no: S.O. 5683(E) dated December 06, 2022 has clarified that the entities on boarded to perform authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 using the e-KYC setu system shall be permitted to do so, after being satisfied that the e-KYC setu system complies with the standards of privacy and security under the Aadhaar Act.

Major highlights of the Notification as follows:

  • This notification shall come into force from the date of its publication in the Official Gazette.
  • National Payments Corporation of India (NPCI) shall put the e-KYC setu system in place to enable verification of identity of a client or its beneficial owner by a Reporting Entity (RE) Verification will be carried out through authentication under the Aadhaar Act without disclosing the Aadhaar number of the individual to the RE.
  • Post authentication, NPCI shall share the last four digits of the Aadhaar number of the client to the RE with respect to his/her demographic details made available to it by UIDAI The RE shall carry out identification of the client based on the details provided by the client and NPCI.
  • UIDAI may carry out such verification, including physical verification, as it may deem fit to ensure that the system put in place by NPCI is in compliance with the applicable regulations and requirements laid down by them.
  • NPCI shall ensure that:
  • A list of entities on boarded for the purpose of carrying out the authentication using the e-KYC setu at http://npci.org.in/e-KYCsetu is maintained
  • the entity satisfies all the requirements for carrying out authentication through the e-KYC setu.
  • the entity has requisite regulatory clearance, if required, to carry out the financial business for which it intends to authenticate identity of its clients.
  • The Notification also covers the instances/events under which the e-KYC setu system access will be discontinued for an entity
  • NPCI shall notify the list of entities on boarded and entities discontinued to UIDAI and the relevant regulator within seven days of such action

Source category: Others

Attachments

  • /2022/130_Notification_of_e_KYC_Setu_System.pdf

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