Latest news with #Aadhaar-based
India.com
2 hours ago
- Business
- India.com
From bank accounts to new mobile connections and more: What is KYC and why is it mandatory for availing key services?
Representational Image What is KYC: From opening a new bank account to purchasing a new SIM card, or availing any financial service like credit cards, bank loans, etc, KYC is the first step required by the service provider to authenticate their customer. But what exactly is KYC, and why is it mandatory to avail key services in India? Let us find out. What is KYC and what are the required documents it needs? In layman's terms, KYC or Know Your Customer is a process used by a service provider or company, such as a bank or a telecom service provider, to ensure that their customer is a real entity, and the details furnished by him/her to avail a service, are not fake or fraudulent. KYC process requires government-issued documents that the company can use to authenticate the identity, address, and other details of the customer. Depending on the service, the most commonly required documents for KYC process include the Aadhaar card, PAN card, passport, voter ID card, and/or driving license. Most KYC processes require customers to provide copies of these documents in person or via live photo or video verification. Why banks, financial services, digital wallets require KYC? KYC is a mandatory process in banks, and indeed the entire financial sector, as it significantly reduces the chances of financial crimes like money laundering, fraud accounts, etc. KYC ensures that the person availing any financial services, like taking out a loan or opening a new bank account, is the same one in submitted documents. Banks and other financial institutions can provide limited services without KYC, and may even freeze bank accounts if the process is not completed on time. Similarly, digital wallets like Paytm, PhonePe, Google Pay, Amazon Pay, etc, have limited functionality without KYC, which is required to enjoy full access to their services. Why new mobile connections need KYC? Akin to financial services, telecom service provider require KYC before issuing and activating a new SIM card to ensure that the person availing the service is the same one in the documents. Today, mobile operators commonly use Aadhaar-based eKYC where a customer's identity verified via OTP. Various KYC methods Apart from Aadhaar-based eKYC, customers can also opt for a physical KYC by filling up relevant forms and submitting photocopies of the required documents. Additionally, several bank services require Video KYC in which a bank agent confirms the identity and details of the customer via a live video call.
News18
a day ago
- Business
- News18
EPFO 3.0: When Will PF Withdrawal Via UPI, ATM Begin? All You Need To Know
Last Updated: One of the most-anticipated features of the EPFO 3.0 is the ability for EPF subscribers to withdraw funds via UPI and ATM, which could revolutionise how PF is managed and accessed. In a significant step towards enhancing funds accessibility for salaried employees, the Employees' Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access. What is EPFO 3.0? EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps. This marks a shift from a partially manual process to a seamless digital interface. How Will ATM and UPI Withdrawals Work? Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance. Benefits of Digital Withdrawals Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians. Implementation Timeline and Future Outlook As per the DD News report, the launch of EPFO 3.0 is anticipated in June 2025, though an official confirmation of the date is pending. A phased rollout or pilot testing in select regions may precede nationwide implementation. This development is likely to impact over six crore EPF account holders across India. First Published:
Time of India
a day ago
- Business
- Time of India
Deadline to activate UAN for EPFO's ELI Scheme extended again; Check new last date, how to activate your UAN and avail benefits
Employees can activate their UAN through the EPFO portal using an Aadhaar-based OTP. This activation is mandatory to claim monetary benefits under the ELI scheme announced in the Union Budget 2024. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads What is UAN? How to activate EPF UAN through Aadhaar-based OTP? Why employees must do this? The Employee Provident Fund Organisation ( EPFO ) has extended the deadline for UAN activation and seeding of your bank account with Aadhaar for availing of the benefits under the Employment Linked Incentive (ELI) Scheme. UAN stands for Universal Account Number. The UAN helps Employee Provident Fund (EPF) member to track different EPF account numbers with different organisation with the help of single last date to activate UAN and Aadhaar seeding in bank account under ELI SchemeThe last date to activate UAN and Aadhaar seeding in bank account is June 30, 2025. The deadline has been extended multiple times to the EPFO circular issued on May 30, 2025, 'Please refer to the circulars mentioned under references. In this connection, the competent authority has granted an extension of timeline for UAN Activation and AADHAAR seeding in Bank Account till 30th JUNE, 2025. 'The UAN is a 12-digit number assigned by the Employees' Provident Fund Organisation to every eligible salaried employee. It serves as a single point of access for managing their PF accounts across different employers throughout their career, enabling them to track and access their provident fund balances under one umbrella to a PIB release on November 21, 2024, employees can complete the UAN activation process using an Aadhaar-based OTP (One-Time Password). Here are some simple steps for employees to activate their UAN to avail ELI scheme benefits:Step 1: Go to the EPFO Member 2: Click on the "Activate UAN" link under "Important Links"Step 3: Enter UAN, Aadhaar number, name, DOB, and Aadhaar-linked mobile 4: Employees should ensure their mobile number is Aadhaar-linked to access the full range of EPFO's digital servicesStep 5: Agree to Aadhaar OTP 6: Click ""Get Authorisation PIN" to receive an OTP on your Aadhaar-linked mobile 7: Enter the OTP to complete the activationA password will be sent to your registered mobile number upon successful the UAN is activated, employees can easily access EPFO's wide range of online services, such as managing their PF accounts, viewing and downloading PF passbooks, submitting online claims for advances, withdrawals, or transfers, updating personal information, and real-time claim of Universal Account Number (UAN) and seeding of an Aadhaar to a bank account is a must for employees who wish to claim the monetary benefits of the Employment Linked Incentive (ELI) scheme, which is administered through EPFO. This mandatory exercise needs to be completed, if you want to get the benefits of the ELI scheme. Finance Minister Nirmala Sitharaman announced this new scheme during the Union Budget 2024 in July and there are three types of ELI schemes (A, B, and C).
Time of India
2 days ago
- Business
- Time of India
Fix existing property regsitration system before going fully online: Maha stakeholders to Centre
Pune: Associations and stakeholders in Maharashtra have called for urgent corrections to the online property registration system, as the Centre calls for suggestions to replace the 117-year-old Registration Act with a new digital framework. The department of land resources has invited inputs on a draft bill proposing complete online property registration and mandatory digital filing of key documents — such as the agreement to sell, power of attorney and sale certificates. The system envisions Aadhaar-based authentication, electronic document storage and integration with govt databases to curb fraud. Several states have started to prepare for digital registration, but face challenges regarding infrastructure, timelines and system integration before a rollout. Maharashtra officials said they will soon submit suggestions reflecting ongoing implementations, but stress the need for departmental coordination and technical readiness. "We will send our inputs shortly," said a senior revenue official. Meanwhile, associations and citizen activists have flagged several concerns, including cybersecurity risks related to Aadhaar OTP verification, name formatting mismatches and lack of authorised service providers. The coalition highlighted vulnerabilities in the proposed Aadhaar-based OTP system and recommended alternative authentication methods such as email verification, biometric scanning or iris recognition. The alternatives are especially relevant for NRIs, who often face issues with phone-based OTPs. Name discrepancies between Aadhaar records and submitted documents have led to repeated application rejections. Stakeholders suggest the system should either accept names exactly as in Aadhaar or allow users to correct formatting errors. The group advocates integrating the new registration system with land records, municipal tax databases and electricity billing systems to facilitate automatic ownership verification and prevent frauds. Language accessibility remains a priority, with demands that rental agreements be issued in Marathi, the official state language. Currently, most such documents are available only in English, inconveniencing many. Technical challenges persist, especially in rural areas with poor internet connectivity. The association also raised concerns over frequent failures in the Pay2IGR payment gateway, causing transaction delays and administrative confusion. While officials from the Inspector General of Registration (IGR) acknowledge the issues, no formal response or revised implementation plan has been announced. Sources indicate ongoing stakeholder consultations and potential improvements before the final rollout. Meanwhile, the department of land resources emphasised the need for a modern and future-ready registration system. "Growing use of technology, evolving socio-economic practices and increasing reliance on registered documents for due diligence and legal processes necessitate a robust framework," it said. The draft bill proposes clear grounds for registration officers to refuse applications and allows govts to issue rules for cancellation of registrations, ensuring compliance with principles of natural justice. The provisions aim to maintain the legal reliability of registered documents. The bill introduces new roles — such as assistant inspectors general of registration — and streamlines appointment processes for registrars during vacancies to modernise the registration structure. It also empowers govts to align rule-making with local governance. The Centre has invited suggestions from states and stakeholders till June 25, as it works towards implementing a comprehensive, secure and user-friendly digital registration system.
Mint
3 days ago
- Business
- Mint
Centre starts review of schemes ahead of fresh roll-out in April 2026
New Delhi: The Union government on Thursday kicked off a massive exercise to review the schemes it is funding for a fresh roll-out from April next year, said an official statement. The review covers central sector schemes (CSs), which are fully financed by the central government, as well as centrally sponsored ones (CSSs), which are financed by both central and state governments at a pre-defined ratio. Cabinet secretary T.V. Somanathan chaired the review meeting organized by the expenditure department in the finance ministry which was attended by top officials across the government. The review enables the government to avoid overlap of schemes and better target financial resources to eligible beneficiaries. Prime Minister Narendra Modi has emphasized that the poor, farmers, the youth and women are central to government welfare initiatives. The policy of evaluation of ongoing schemes and having a sunset date for each scheme was articulated by the government in the Union Budget of 2016. It stated that in order to improve the quality of public expenditure, every scheme will have a sunset date and an outcome review. Later, the schemes have been aligned with the Finance Commission cycles and their continuation is based on the evaluation of each scheme by a third party. During the meeting, the Cabinet Secretary emphasized the rigour of the evaluation process and urged the secretaries of various departments to use its recommendations to recalibrate the design, architecture of the scheme, remove redundancies and ineffective suboptimal interventions, merge schemes and close schemes which have either outlived their utility or have fulfilled their objectives. This will enable optimum deployment of scarce public resources, the statement said. The Finance Commissions decide on the sharing of the central government's divisible pool of tax revenue with states. At present, the Sixteenth Finance Commission led by economist Arvind Panagariya is working on recommendations for tax revenue sharing between central and state governments for the five-year period starting April 2026. The Department of Expenditure provided an overview of the availability of financial resources at the meeting. Secretaries were informed about the norms likely to be used for deciding the resources available to each of the department for their schemes over the next five-year cycle. There are 54 centrally sponsored schemes and 260 central sector schemes which have their terminal date of approval till 31 March and are likely to be submitted to re-appraisal. A majority of these will also require fresh approval of the Cabinet, the statement said. The Department of Expenditure stressed the quality and effectiveness of public expenditure and, in this context, said that such exercises in the past had allowed the central government to enhance its capital expenditure substantially which now stands at ₹ 11.21 trillion for FY26 as per budget estimates. The meeting also discussed universal Aadhaar-based Direct Benefit Transfer (DBT), convergence of various schemes for having a greater impact, eliminating duplication and attaching conditionalities to drive reforms. The implementation of 'just in time release of funds' and avoiding parking of funds with implementing agencies long before funds are needed for utilization was also emphasized at the meeting. This will enable deployment of the savings thus accrued for new schemes or expansion of ongoing schemes, the statement said.
