Aadhaar Virtual ID is Now Live, Banks to deploy the System by August 31

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Aadhaar Virtual ID is Now Live, Banks to deploy the System by August 31
Aadhaar Virtual ID is Now Live, Banks to deploy the System by August 31

Unique Identification Authority of India, UIDAI has recently announced that its Virtual ID system is now operational. UDAI has notified all the banks, agencies and government department to which uses eKYC process using Aadhaar to deploy the new system.

All the system needs to make changes by August 31, those who fail to meet the set deadline will be fined by UIDAI.

Virtual ID for Aadhaar

In January this year, UDAI initiated the plan of introducing this new mechanism to improve the security measures.

Now, this system is operational and will be used by govt agencies and banks across the country.  Virtual ID allows the user to generate multiple Virtual ID through UIDAI’ official website or mAadhaar app. Users will not require their original Aadhaar number for the process.

Aadhaar Virtual ID is Now Live, Banks to deploy the System by August 31
Aadhaar Virtual ID is Now Live, Banks to deploy the System by August 31

The virtual ID is in the form of 12 digit identifiers and as soon as you generate a new one, the old one gets deleted automatically.

Deadline for deploying the Virtual ID system

UIDAI has instructed banks to meet the strict deadline of August 31 in order to update their system and deploy virtual ID. Virtual ID is now compulsory for any KYC related process.

Authorities will be changing the system to VID with the help of software’s, Auth API 2.5 and e-KYC API 2.5.

UIDAI in a statement stated “Also, for all other the AUAs including banks but other than those mentioned above (telecom operators and E-sign service providers), it has been decided that they shall migrate to VID and UID Token…by 31st August 2018”

UIDAI has categorized AUAs into 2 groups, Global AUA and Local AUA. Global AUA for example banks is complete with full features and Local AUAs like telecom operators and other third-party agencies are given the limited access.

Penalty on not meeting the Deadline

In the case where AUA does not meet the deadline, UIDAI will be implementing fine on every transaction. Rs. 0.20 fine will be charged on every transaction in case the system is not updated before August 31, 2018.

UIDAI stated that “In case they migrate before July 31st, then entire authentication transaction charges imposed for the above said period of July 1-31, 2018, shall be waived”.

UIDAI has also announced that in case of agencies does not migrate to the new system by August 31, 2018, then UIDAI is “free to take actions under the Aadhaar Act including the imposition of financial disincentives and termination of license key”

What do you think about this new system, will it help the Aadhaar users?

Share your opinion with us in the comment section below.

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