India Throws Non-Banks A Digital KYC Lifeline

India has confirmed that non-banks will be able to use the national identity database Aadhaar for their know your customer (KYC) requirements, ticking one goal off a list before an even more ambitious set of aspirations is set to be tackled.

On May 8, the Ministry of Finance issued a circular announcing that entities other than banking companies may authenticate clients’ Aadhaar numbers, subject to certain provisions.

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