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SHORT ANSWER: Aadhaar can be used for KYC verification through the Aadhaar Authentication process. DETAILS: - Financial institutions and service providers can use Aadhaar numbers to verify the identity of customers. - The process involves biometric or demographic authentication using the Aadhaar database. - It is mandated under the Prevention of Money Laundering Act (PMLA) for certain entities. PUNISHMENT / IMPLICATIONS (if applicable): - Non-compliance with KYC norms can lead to penalties for financial institutions. - Individuals may face restrictions in accessing services if they do not complete KYC. SOURCE: - Aadhaar Act, 2016 / Reserve Bank of India (RBI) guidelines.
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