Tata Capital launches Aadhaar-based e-KYC platform for loans

Financial services arm of the Tata Group, Tata Capital, has recently introduced an Aadhaar-based biometric Know Your Customer (KYC) process to help streamline the KYC authentication process for its select loans, thereby making the process more convenient for customers and completely paperless. As a standardised, mandatory practice before availing any loan, all financial institutions are required to complete the KYC process of the customers. This traditionally involves collection of self-attested copies and verification of original documents. To simplify and at the same time make the process more secure, Tata Capital has adopted the biometric e-KYC and digitised this process for online loans such as - Personal and Consumer Durable Loans. The paperless process, based on customer’s consent, involves a simple two-step biometric authentication using UIDAI’s Aadhaar database. The entire process, being digital is easy, instant and more secure, as it avoids the need for any paper exchange between the customer and the sales representative.