E KYC ONLINE – MEANING, PROCESS & DOCUMENTS FOR E KYC - Loan Trivia

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Tuesday 2 November 2021

E KYC ONLINE – MEANING, PROCESS & DOCUMENTS FOR E KYC

 

The KYC acronym stands for Know Your Customer, which is a prerequisite for financial institutions like banks and non-banking finance companies (NBFCs) to provide financial services to customers. Online KYC, commonly referred to as eKYC, is a way to verify a customer's credentials electronically. You must be wondering how the KYC verification process works online. As your identity is verified electronically using Aadhaar-based substantiation, eKYC is also called Aadhaar-based eKYC process. The Unique Identification Authority of India (UIDAI) database contains all of your Aadhaar details, including name, address, gender, date of birth, mobile number, and email address. Thus, Aadhaar-based eKYC eliminates the need for the cumbersome in-person verification of your identity and address.

Understanding eKYC Process

A standard 12 digit Aadhaar number is issued to a person upon providing the information required by the UIDAI to receive the 12-digit Aadhaar number. In order for a fund house or investment firm to access your Aadhaar details, the access is made through the eKYC Application Programming Interface (API) that you received after receiving your Aadhaar number. As long as they are UIDAI-licensed users, eKYC API can be used by any licensed service provider. However, only licensed UIDAI users will be able to verify a customer's KYC online.

How to apply KYC online?

The Know Your Customer Registration Agencies (KRA's) licensed by SEBI can assist you in completing your KYC online registration. CDSL Ventures Ltd (CVL), NSDL Database Management Limited (NDML), DotEx International Limited (DotEx), CAMS Investor Services Private Limited, and Karvy Data Management Services Limited (KDMS) are among these companies.

How to complete KYC online?

Then, you will be asked to enter your Aadhaar number and your registered phone number on the eKYC portal of any KRA.  In order to complete KYC online, you must provide your PAN number at the KRA's web portal, where you can check your status. You will now receive an OTP. After verification, you must submit a copy of your self-attested Aadhaar card.
It is important to remember that KYC can be conducted via an offline process as well when you know how to do KYC online. It is sufficient to download the KYC form online from any KRA and submit it to the relevant authorities or person along with a completed KYC form.


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