Be it any country, possessing documents is very crucial to ensure the smooth processing of all activities that you undertake, such as applying for a voter’s id or buying a property. Documents are an individual’s crucial identity proof. They authenticate the very existence of a person. If you fail to provide them, you won’t be able to get any work done. In India, these days, we require three identity documents for every small thing even like buying a new SIM card.
What are AADHAR and PAN and why are they important in India?
An Aadhar is a 12-digit unique identifier ID system which is used by Indian residents and is based on their demographic and biometric data. This personal data of an individual is collected and stored in the databases of the Unique Identification Authority of India (UIDAI).
Extensively, Aadhaar is mandatorily required to benefit welfare administrations and appropriations from the legislature. It will likewise be required to be connected to credit cards, which implies it will be required for documenting your annual expense forms. Simultaneously, it is presently certain that you don’t have to interface your versatile association, ledger and other budgetary administrations account with Aadhaar.
In short, with Aadhar, the administration intends on maintaining a database containing information about each enrolled resident of India. Furthermore, with an individual’s personal data, it additionally gathers their photo, fingerprints and iris scans. With this arrangement of information, it turns out to be extremely simple to distinguish a person by essentially cross-referencing their information with the information in the framework. Today, it is part of an essential document which is needed everywhere in almost all Indian institutions like banks, hotels, telecoms, passport, police verifications etc.
What is PAN and why it is important in India? The fundamental purpose of Permanent Account Number is to monitor and analyse each financial exchange that an individual incurs. It is given by the Indian Income Tax Department under the cautious supervision of the CBDT or the Focal Board for Direct Taxes. The most significant activity of a PAN in India is to guarantee that each resident performs their responsibility of paying their taxes.
A passport is known to almost entire humanity on this planet as all the countries’ respective citizens are bound to have a passport at some point in their life.
New RBI regulation preventing misuse of e-Aadhar
In a new twist, in the year 2018, RBI, India’s central bank and regulator issued a new order restricting the use of e-KYC for all the banks and non-banking financial institutions. Clearly, the discontinuation of Aadhar based e-KYC has primarily impacted the business model and vision of tons of banks, NBFCs and telecommunication companies as they had been using this feature heavily on regular basis and that was their Unique Selling Proposition (USP). Here is where Accura Scan comes into the picture.
The good news is that Accura Scan has already addressed these potential challenges with the KYC capabilities now being covered within seconds. Additionally, banks and telcos can integrate our API into their systems and commence their smooth use. Accura Scan leverages all the Indian identity documents like AADHAR, PAN and passport seamlessly. It captures all information like photo, name, DOB, Address and signature of an individual within a jiffy from the documents like AADHAR, PAN, passport and presents it in a digital format accurately.
Accura Scan, a pioneer in scanning technology is a perfect solution for the onboarding and KYC of the new customers. At Accura Technolabs, it is our mission to replace the manual KYC onboarding. You can check out more information about us here- https://accurascan.com/download