Finance Ministry Permits BSIF to Conduct Aadhaar-Based Identity Verification:

Finance Ministry Permits BSIF to Conduct Aadhaar-Based Identity Verification The Ministry of Finance (Department of Revenue) has issued a new notification on May 27, 2026, under the Prevention of Money-laundering Act (PMLA), 2002.

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The Central Government, using its power conferred by Section 11A (1) of the Prevention of Money-laundering Act, 2002 (15), enables an organisation, known as the Bima Sugam India Federation (BSIF), to use Aadhaar authentication for identity verification.

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The government has given this permission because it is satisfied that BSIF will comply with proper privacy and security standards as required under the Aadhaar Act, 2016. The government also consulted the Unique Identification Authority of India (UIDAI) and the Insurance Regulatory and Development Authority of India (IRDAI) before giving permission.