UIDAI's new eKYC charges a double, eSign for financial documentation, latest Gazette notification, for electronic Signatures. The revised pricing suggested by the Unique Identification Authority of India for eKYC transactions is bound to sharply increase operational costs for companies using the architecture for electronic signatures (eSign) of documents. According to industry executives in the business of authenticating documents, it could cause problems for early stage tech companies who use eSign for financial documentation or for human resource onboarding.
Companies using Aadhaar services will have to shell out Rs 20 for each customer verification and 50 paise for authentication of each transaction carried out by the firms, the (UIDAI) said last week. For electronic signatures, which use the eKYC framework, charges could go up to Rs 25 per transaction, following the UIDAI order.
While eKYC will be charged at Rs20 per transaction as per the latest gazette notification, for electronic signatures, which use the eKYC framework, charges could become as high as Rs25 per transaction, post the move. Previously, eSign by itself was charged at Rs5 per transaction.
At a technical level eSign, which allows multiple parties to come together and sign a document electronically, uses eKYC as a means of authenticating the parties as per provisions in the Information Technology Act, 2000.