eMudhra, a provider in the secure digital Identity and transaction management space, announced that it has crossed over 2.5 million eSign. The eSign service allows any AADHAAR holders to digitally sign a document, doing away with the need to print, courier or physically store paper forms.
With the government’s demonetization efforts and drive towards a paperless, cashless society, AADHAAR eSign will help Banks and Financial Institutions open accounts without the need for using papers and forms.
eSign is legally valid under the Information Technology Act and substitutes the need for a physical or wet signature. Banks, Financial Institutions can use eSign for routine service request such as Deposits, Nominations, Salary Accounts and other service requests thereby saving cost and resulting in improved customer experience.
In all possible situations where an individual identity of the customer is to be verified and in scenarios where customer is required to sign documents digitally, eMudhra’s eSign can be used. eMudhra is working with several Banks, Payments Banks, Financial Institutions, Brokerage Houses to enable paperless transformation and aims to reach 10 million eSigns within the next few months.
“The dream is to aid in the digital transformation of the whole country and improve ease of doing business. eSign will significantly accelerate the ease of account opening and doing transactions with the Banking and Financial Services system. Thus it will result in huge cost reduction and achieve faster turnaround time for all transactions that leads to a cashless society,” said Mr. V. Srinivasan, Chairman, eMudhra.