Financial companies in a fix over SC's Aadhaar order, suspend eKYC

Some firms have temporarily stopped eKYC as they await further instructions from UIDAI and respective regulators

A day after a five-judge Supreme Court bench banned private parties from using Aadhaar, financial sector companies are busy allaying customers’ fears, and some have stopped eKYC as they await further instructions from the Unique Identification Authority of India (UIDAI).

Says Gaurav Gupta- Co-founder and CEO, MyLoanCare: “People should be aware of the court’s observation that there is no possibility or risk of someone creating a profile of a customer by simply being in possession of one’s Aadhaar number.”

Importantly, products like two-minute loans are likely to take a hiatus till the government provides some legislative backing to the private sector, or