Businesses To Save Via Aadhaar: E-KYC Costs To Come Down By 90 Per Cent, Authentication At 50 Paise 

According to a new rule notified by Unique Identification Authority of India (UIDAI), businesses will have to shell out only Rs 20 as opposed to the earlier Rs 150-200 for every customer verification, and 50 paise to authenticate each transaction through Aadhaar, reports Press Trust of India (PTI).

“Aadhaar authentication services shall be charged at the rate of Rs 20 (including taxes) for each e-KYC transaction and Rs 0.50 (including taxes) for each Yes and No authentication transaction from requesting entities,” said the gazette notification, Aadhaar (Pricing of Aadhaar Authentication Services) Regulations 2019.

However, government entities and the Department of Posts will not be charged to authenticate transactions.

"The entities have been incurring a cost of Rs 150-200 per KYC sans Aadhaar. They have been demanding to use Aadhaar-based authentication and KYC services on account of these being convenient to them and their customers and also the fact that they will save huge amount which they currently incur in doing KYC through traditional means such as paper, physical verification, etc," said a government official to PTI.

Substantial Savings

The government recently promulgated an ordinance that allows various entities to establish the identity of willing customers through Aadhaar. Thus, the new nominal charges will significantly bring down the cost of KYC transactions for businesses.