Govt. notifies 6 Private Finance Companies to Perform Authentication under Aadhaar and PMLA:

Govt. notifies 6 Private Finance Companies to Perform Authentication under Aadhaar and PMLA The Central Government has revealed the six reporting companies that must comply with the privacy and security criteria outlined in the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits, and Services) Act. Furthermore, these businesses are authorised to provide Aadhaar authentication under the Aadhaar Act for the purposes of Section 11A of the Money Laundering Act. The decision was made after conferring with the Unique Identification Authority of India (UIDAI) and the regulator, the Reserve Bank of India (RBI), under Section 11A of the Money Laundering Act. The ministry has officially conveyed its decision via official gazette notification number S.O. 180(E), dated January 16, 2024. The government reached this conclusion after consulting with both the UIDAI and the RBI and expressed satisfaction with the performance of the six financial companies. The 6 Finance Companies are as follows:

• Kisetsu Saison Finance (India) Private Limited
• Muthoot Capital Services Limited
• Whizdm Finance Private Limited
• Samavesh Finserve Private Limited
• Quadrillion Finance Private Limited
• Aadhar Housing Finance Limited

This step broadens the reach of these financial institutions to use Aadhaar-based authentication to verify individuals' identities, enabling smooth and safe access to financial services. Furthermore, the authorization allows these organisations to play an important role in the prevention of money laundering operations, in accordance with the regulatory framework in place to combat financial crimes.