RBI grants Aadhaar Authentication Rights to Three Reporting Entities for PMLA Section 11A [Read Notification]

The RBI has authorized Aadhaar authentication under the Aadhaar Act for compliance with privacy standards under Section 11A of the Prevention of Money-laundering Act, 2002, based on a Ministry of Finance notification dated January 16, 2024. \r

The notification identifies three reporting entities—IIFCO Kisan Finance Limited, L&T Finance Limited, and Wheels EMI Private Limited—permitted to use Aadhaar authentication. This authorization ensures that these entities comply with privacy and security standards stipulated in the Aadhaar Act, facilitating their operations under the provisions of the Money-laundering Act.