eKYC may become operational once again. The Unique Identification Authority of India (UIDAI) is said to have been exploring ways to help companies relying on Aadhaar based eKYC to onboard new customers, which includes fund houses and online distributors.
One approach being considered is to use a live picture of customer with time stamp and photo of a government-issued ID card. Customers can upload their live photograph along with the valid ID proof to complete the KYC process.
Last week, UIDAI has asked KYC registration agencies (KRAs) to stop doing Aadhaar based authentication for eKYC. In fact, online distributors, fund houses and R&T agents using Aadhaar based eKYC for onboarding new clients have discontinued doing eKYC.
With this, new age distributors were affected the most as they rely completely on Aadhaar based eKYC to onboard new clients.
