Finance Ministry Notifies Five NBFCs for Aadhaar-Based Authentication Under PMLA

The Finance Ministry has notified five Non-Banking Financial Companies (NBFCs) for Aadhaar-based authentication under the Prevention of Money Laundering Act (PMLA). This move aims to enhance transparency and curb financial fraud by ensuring customer identity verification through Aadhaar. The NBFCs must comply with these regulations to prevent money laundering and terrorist financing. The step aligns with the government’s broader efforts to strengthen financial oversight and ensure secure transactions in the NBFC sector.