Between the Corona crisis and the lockdown, the Finance Ministry has allowed 29 insurance and nine security companies to collect Aadhaar for the purpose of 'Know Your Consumer' (KYC). The move is aimed at preventing money laundering and curbing investment in mask companies. Finance Secretary Ajay Bhushan Pandey said that two notifications have been issued in this regard. This may benefit consumers or investors especially small and retail investors as they will not have to file papers or documents for KYC.

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In its statement, an official said that the use of Aadhaar verification service by these companies is voluntary. If the investor gives a Permanent Account Number (PAN), he will not need Aadhaar verification. The same, among nine security companies, Bombay Stock Exchange, National Security (India) Limited, Central Depository Services (India) Limited, CDSL Ventures Limited, NSDL Database Management Limited, NSE Data & Analytics Limited, CAMS Investors Services Limited, Computer Edge Management Services Pvt. Ltd and Link Intime India Private Limited.

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29 insurance companies include Bajaj Allianz Life Insurance, Bharti AXA Life Insurance, ICICI Prudential Life Insurance, HDFC Life Insurance, HDFC Ergo General Insurance and SBI General Insurance. Aadhaar is a 12 digit biometric identification number. Unique Identification Authority of India (UIDAI) is authorized to issue this identification number. Aadhaar card was started in January 2009.

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