With the Supreme Court scrapping the mandatory linking of Aadhaar with bank accounts and ruling that private companies can no longer insist on Aadhaar-based authentication, fintech companies find themselves in a spot. For banks as well as fintech companies selling mutual funds, insurance, or bonds or facilitating loans, eKYC through OTP was a boon as customer verification could be done instantly thus reducing the cost of onboarding a customer. Otherwise, in the traditional KYC process, banks take copies of documents such as identity and residence proof, PAN to verify the antecedents of customers. This is more expensive and time-consuming.
Midcap stocks that find no takers among active fund managers. Check your portfolio
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