Axis Bank Ltd on 24 October 2013 launched the e-KYC initiative to facilitate paperless banking to Aadhaar card holders at Mumbai. With this step, Axis Bank became the first bank to allow customers to open an account with just their Aadhaar number.
The Reserve Bank of India (RBI) on 2 September 2013 allowed paperless electronic authentication—or electronic know-your-customer (e-KYC)—provided by the Unique Identification Authority of India (UIDAI) as officially valid.
Axis Bank has partnered with Visa to launch first ‘eKYC’ facility in the country
How it works?
Customer have to give their Aadhaar number and undergo a biometric authentication at the Axis Bank branch where they want to open an account, and the service will be activated immediately if the authentication is successful.
The account opening will be authenticated through VISA’s secured network in an encrypted format. Other payment service providers are also expected to offer the same service to other banks.
The same process will soon be offered to sell insurance, mutual funds and other financial products as well for mobile phone connections, transferring money, or even to pay taxi fares.
Initially, this facility will be available in 1000 branches of Axis Bank and in a week to 10 days, it will become functional in more than 2000 Axis Bank branches across the country.
Who: Axis Bank
When: 24 October 2013