HDB Financial Services Goes Digital with e-KYC setu

HDB Financial Services (HDBFS) has made significant strides in the Indian financial technology landscape by becoming the first non-banking financial company (NBFC) to adopt the National Payments Corporation of India's (NPCI) e-KYC Setu System. This innovative system, developed in collaboration with the Unique Identification Authority of India (UIDAI), revolutionizes customer onboarding by offering a faster, more secure, and convenient digital experience.

By leveraging the e-KYC Setu system, HDBFS customers can now open loan accounts effortlessly. The system eliminates the need for physical documentation or branch visits, allowing customers to authenticate their identity securely using an OTP-based verification process. This streamlined approach not only accelerates the account opening process but also ensures a hassle-free experience.

Ramesh G, MD & CEO of HDB Financial Services, expressed his enthusiasm for this development, stating, "As a leading NBFC, HDBFS is committed to enhancing the customer experience through innovation. The e-KYC Setu System aligns with our vision of providing seamless and efficient financial services. We are confident that this initiative will positively impact our customers and contribute to India's digital transformation."

NPCI also welcomed the launch of the e-KYC Setu System, emphasizing its importance in promoting financial inclusion. A spokesperson from NPCI added, "The system will play a crucial role in digitizing processes for loan disbursements, account openings, and other financial transactions for NBFCs, PPIs, MFIs, and other RBI-regulated entities. We are delighted to collaborate with HDBFS on this initiative and drive the adoption of digital financial services."

NPCI e-KYC Setu System: A Streamlined Solution for Regulated Entities

Simplified Onboarding: Facilitates a seamless and efficient onboarding process for regulated entities under the Reserve Bank of India (RBI).

Secure and User-Friendly: Offers a secure and intuitive digital experience for completing KYC of beneficiary owners.

Reduced Operational Complexity: Assists regulated entities in minimizing the administrative burden associated with managing Aadhaar data.

Flexibility in Technology Choice: Provides entities with the freedom to select the most suitable tech platforms for capturing Aadhaar numbers and OTPs, aligning with their specific business needs.

Easy Onboarding Process: Enables entities to seamlessly join the e-KYC Setu system through NPCI's streamlined onboarding procedure