In the latest development now e-KYC can be done by the Aadhaar card also. Securities and Exchange Board of India (SEBI) has allowed the banks and financial institutions to access the database of Unique Identification Authority of India (UDAI).With this approval to access the database of UDAI the financial institution can ask the new customer to submit the Aadhaar card and with the Aadhaar card the bank can open the account.
Now e-KYC done by Aadhaar Card and PAN Card.In this way open new bank account with less documentations.
Customer will be benefited:
By submitting the Aadhaar card the customer can open bank account and in this way the new customer have to deposit less documents for opening the bank account. In this direction the new customers have to submit the PAN card and Aadhaar card photo copy to the bank. By the help of Aadhaar number and PAN card number the Address verification and Identity Verification will be done.
Motilal Oswal launched the Service:
With this development in e-KYC Motilal Oswal on 18 January, 2016 has launched a service. With this the customers at the Motilal Osawal can do trading in demat account and mutual fund by using e-KYC service. To avail this service the customer need to have a valid Aadhaar card. In this direction the customer has to visit the online application segment of the site and then the customer has to fill the details. The details are name of the customer, registered phone number, PAN card number, Aadhaar card number etc. Once these details are filled and submitted the customer will receive OTP code on their registered mobile and registered email id. Customer has to link their bank account and In-Person-Verification (IPV) will be done on webcam. Once this process is done the customer account is opened and the customer can do trading at mutual fund and equity market.
Axis bank started this Service:
Moving in this direction Axis bank has start e-KYC verification by Aadhaar card. If any customer wants to open account at Axis bank, the customer has to deposit the Aadhaar card photo copy. Once the photo copy is submited the bank account of new customer is opened. In this way the bank has reduced the paper work to done by the customers to open new bank account. Once the account is opened by this process, if the customer wants to avail more services from Axis bank. In that case in very less time the customer can take the other service like opening demat account, making investment in mutual fund etc. Other bank like ICICI has also launched this service. In this way the banking process became very simple.