Telecos to be ready with new KYC process by Nov 5

Telecos to be ready with new KYC process by Nov 5

Aadhaar is no longer used as a form of e-KYC for verification by internet and telecom service providers, so the Department of Telecommunications (DoT) has instructed companies to come with a viable alternative by November 5.

DoT ordered the discontinuation of Aadhaar as a form of Know-Your-Customer (KYC) after the Supreme Court ruled on September 26 that private companies are not allowed to keep copies of their customer’s details on Friday through a notification, reports the Financial Express.

The industry had already suggested an alternate on October 5 for mobile users, notes the report and it is this new system that were, “directed to ensure readiness of their systems and offer the Proof of Concept of the proposed digital process by 5 November for approval,” read the notice.

“Meanwhile, this process can be implemented provisionally by all TSPs (telecom service providers). Any modification if required in the process by the government shall be carried out with a period of 30 days.”

The notification also formally ended the use of Aadhaar for verification purposes, saying, “all licensees [telecom and internet providers] shall discontinue the use………Read More>>

 

Source:- techiyogiz

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