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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Supreme Court judgement pronounced on September 26 2018 in which it upheld the constitutional validity of unique identification project, with certain restrictions and changes.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p>
</li>
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'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Supreme Court judgement pronounced on September 26 2018 in which it upheld the constitutional validity of unique identification project, with certain restrictions and changes.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p>
</li>
</ul>
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