26th June 2018
Dear Partner,
With reference to our earlier communication dated: 21st June 2018; Kindly take note of few other important updates on the Subject.
Implementation of VID is a universal change which shall be implemented everywhere and you may get to see similar changes throughout the industry. Even Banking & Other systems may come up with similar changes / updates.
As a regulatory requirement we shall have to Implement changes related to VID in NJ EWA registration by 30th June 2018.
Below are the Important points related to VID Implementation:
- Client may generate VID through 3 modes as communicated in our earlier email. However, Client's mobile or email id should be registered in Aadhaar records to generate Virtual ID as VID generation can only be done through OTP authentication.
- n case VID is not generated, current practice of using Aadhaar Number for opening NJ EWA will continue. KINDLY TAKE NOTE THAT IN SUCH CASES AUTHENTICATION WILL BE DONE USING BIOMETRIC OPTION ONLY.
- E-mandate is a service directly linked with Aadhaar authentication and therefore the same shall get affected due to implementation of VID. We are in touch with regulatory bodies to seek clarification on the same. However, Till the time we get clarity on the subject E-mandate services for NJ EWA will remain unavailable wef 30th June 2018. We shall keep you posted on the progress.
Further, we urge you to get all your pending accounts activated before 30th June 2018 so as to avoid any implications of VID. Accounts which are not activated by 29th June 2018 will attract implications of VID as mentioned above.
We are in constant touch with the regulatory authorities and are expecting few amendments, We request you to keep watch on our communications in this regards as we shall be communicating the updates regularly.
We appreciate your patience and solicit your whole hearted support in complying with the regulatory changes at NJ.
Thanking you,
NJ E Wealth Team
