You can see the rules and regulations in other jurisdictions.
The UIDAI has streamlined the process of fulfilling KYC regulatory norms by launching the e-KYC program, which allows financial institutions and other regulated entities to digitally verify their customers. Instead of needing an abundance of documents to confirm their identity, people can now use their Aadhaar biometric details to complete the process. Furthermore, the RBI has permitted banks and NBFCs to identify new customers through a video-based customer identification process (V-CIP), which is accepted on par with face-to-face customer verification. Recently, UIDAI also introduced several offline methods for verifying Aadhaar identity that can be used for KYC purpose including QR code verification, e-Aadhaar and paperless/offline paper based verification.1
Previously, financial service providers most often used the e-KYC approach authorised only for banks, enabling consumers to open accounts with them with additional authentication by phone using a one-off code. Recently however, according to the RBI, NBFCs, payment system providers and payment system participants can authenticate individuals' Aadhaar identities with UIDAI's e-KYC process. This process is much easier compared to the conventional V-CIP KYC procedure.1
TSEBI established the KYC Registration Agency (KRA) to store centralised records of investors who have been through the KYC process, and with it relevant investor information is made available to all registered intermediaries upon request. However, video-based in-person verification is needed. The government has expanded this concept beyond just intermediaries, handing the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI) responsibility for the Central KYC Record Registry. This allows data sharing among reporting entities regulated by various major financial authorities and makes financial transactions much simpler; similar to how KRA does it.1
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