NBFCs, Payment System Operators Can Apply For Aadhaar E-KYC Licence: RBI

RBI: NBFCs and payment system operators that want to get an Aadhaar e-KYC authentication licence can apply to the RBI, according to the central bank.

In May 2019, the finance ministry published a comprehensive protocol for processing applications (under the PML Act) for organisations other than banks to employ Aadhaar authentication services. It also included the application's format.

In 2019, the Finance Ministry published a comprehensive protocol for processing applications for organisations other than banks to use Aadhaar authentication services.

"Accordingly, Non-Banking Finance Companies (NBFCs), Payment System Providers, and Payment System Participants desirous of obtaining an Aadhaar Authentication License - KYC User Agency (KUA) License or sub-KUA License (to perform authentication through a KUA), issued by the UIDAI, may submit their application to this Department for onward submission to UIDAI," the RBI said in a circular.