Aadhaar eKYC – What Is It And The 3 Incredible Advantages

A job applicant at a hospital ended up getting psychiatric sessions thanks to mistaken identity according to a World  Privacy Forum report.

Funny as it is, Identity theft or mismanaging the same has proven to cause colossal financial as well as emotional damage. If ever you got an unexpected call or a message from an unwanted source, rest assured, your personal details have been compromised at some point in time.

In India, the government-backed Aadhaar based eKYC (Know Your Customer) is solving that exact problem.

Benefits of Aadhaar eKYC

Your Aadhaar card having your complete personal details helps the government to organise its public services in a more simplified and efficient way.

In fact, the RBI has made it mandatory for all Indians to link the Aadhaar to our bank accounts.

All of us know how elaborate a process it is to apply for a loan or even open a bank account.

With Aadhaar eKYC, such hefty procedures can now take a swift exit, for good. The same simplicity is also extended to various public services.

Public Services Simplified by eKYC

  • Banking
  • Mutual Fund
  • Insurance Applications
  • Trading Account
  • Railway Services
  • Stock Exchange
  • LPG Connection

Most of these services being an undeniable part of our lives, it is rather easy to imagine how convenient things have become with the Aadhaar eKYC.

Customers just have to inform their Aadhaar number to authorities – no need to take an off day to make a legion of signatures over a multitude of documents and attest photocopies of identity to prove the same.

The above-mentioned services being mainstream, the convenience of Aadhaar eKYC is also being extended to services like Jeevan Praman and Digi Lockers.

In essence, the potential of its efficacy seems perpetual across our large economy.

3 Advantages of Aadhaar eKYC In India

1. Paperless

Opening a bank account has always required the customer to fill an elaborate application and attest the same with multiple other documents to authenticate the identity, credentials and such.

Aadhaar eKYC saves the customer from such a knotty affair. Also, remember – helps conserve nature.

2. Cost Efficient

While costs for paper is directly eliminated, the resources to manage the same which includes manpower, inventory and the cardinal, time is saved which adds up to make a significant cost saving in the end.

The customer too is benefitted as he the process is now instant and dynamic than ever.

3. Prevents Fraud

When a request for information is made to the Unique Identification Authority of India (UIDAI), it gives a tamper-proof digital document of the identity of the concerned user, thereby eliminating chances of digital fraud.

Being paperless, forgery and manipulation of the document is out of question.

Conclusion

Aadhaar eKYC is envisaged to bring in an outright difference to the customer data and its security.

The fact that the customer now has the power and the lucid convenience to provide his details only to the intended is a progressive facility downright.

There is a negligible or no chance of the customer data being misused as before because the UIDAI processes tamper-proof documents when the customer has to use his Aadhaar eKYC for any public service.

 

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