3 hrs ago
IFSCA Tests Aadhaar Face Authentication for NRI GIFT City Investments
India is testing a new way for people living abroad to invest through GIFT City.
The system uses Aadhaar and a person's face to confirm identity.
NRIs with Aadhaar records may be able to open accounts online.
They would not need to mail paper documents or sign forms by hand.
The test involves four overseas jurisdictions.
Officials want GIFT City to become a bigger international investment center.
Banks there are creating wealth-management services for wealthy customers.
The banking center's total assets are expected to grow to about $200 billion.
IFSCA is testing Aadhaar-based unassisted face authentication with four overseas jurisdictions.
The system aims to let NRIs digitally open accounts and invest through GIFT City without physical documentation.
IFSCA Chairman K Rajaraman said Aadhaar-linked NRIs could complete paperless onboarding without couriered documents or wet signatures.
Banks at GIFT IFSC are being directed to establish dedicated wealth-management units for high-net-worth clients and overseas family offices.
GIFT IFSC has 42 banks, including 21 foreign banks, while total bank assets are projected to reach about $200 billion.
- Who
- The International Financial Services Centres Authority, led by Chairman K Rajaraman, is conducting the initiative for non-resident Indians.
- What
- IFSCA is testing Aadhaar-based unassisted face authentication to simplify digital KYC, account opening and investments through GIFT City.
- Where
- The testing involves GIFT City in Gujarat and four overseas jurisdictions.
- When
- The articles do not specify when the testing began or when it will be completed.
- Why
- The initiative aims to make cross-border KYC and payments easier and strengthen GIFT City's role as a global wealth-management and investment hub.
Key facts
- Authentication method
- Aadhaar-based unassisted face authentication
- Jurisdictions involved
- Four overseas jurisdictions
- Target users
- Non-resident Indians with an Aadhaar footprint
- Documentation goal
- Paperless onboarding without couriered documents or wet signatures
- Banks in GIFT IFSC
- 42 banks, including 21 foreign banks
- Current bank assets
- More than $143 billion
- Projected bank assets
- Around $200 billion by the end of the financial year
- India remittances cited
- NRIs sent more than $140 billion to India last year
Quotes
K Rajaraman
Chairman of the International Financial Services Centres Authority
“If the NRI has an Aadhaar footprint, he will be able to effortlessly get onboarded. We want the entire digital onboarding process and documentation process to be paperless, without any courier or wet signatures required.”
freepressjournal.in
Sources
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