TElCOS TOlD TO bE READY wITh NEw KYC pROCESS

NEW DELHI: The Department of Telecommunications (DoT) has asked telecom operators to be ready with an alternate verification process for approval from the department by 5 November, as it ordered the operators to stop using Aadhaar e-KYC for the verification process. The DoT in a notification on Friday ordered immediate discontinuation of the Aadhaar-based verification process for telecom subscribers in accordance with the Supreme Court’s verdict on 26 September which barred private entities from possessing Aadhaar details of their customers. The telecom industry, through its joint representation on 5 October, had suggested an alternate digital KYC (Know Your Customer) process for mobile subscribers. “All telecom service providers are directed to ensure readiness of their systems and offer the Proof of Concept of the proposed digital process by 5 November for approval,” the notification said. It further said: “Meanwhile, this process can be implemented provisionally by all TSPs (telecom service providers). Any modification if required in the process by the government shall be carried out with a period of 30 days, it noted. Directing TSPs to stop the use of Aadhaarbased verification, DoT said: “All licensees shall discontinue the use of Aadhaar e-KYC service of UIDAI for re-verification of existing subscribers with immediate effect.” The system proposed by the operators envisaged that the Customer Acquisition Form would be embedded with live photograph of subscriber. Shares of Amazon.com Inc dropped by the most in four years on Friday after its outlook for holiday season sales missed targets, fanning concerns that Wall Street’s tech darlings are finally starting to face stronger competition.

The third-quarter results were the second time running that billionaire Jeff Bezos’ firm had fallen short of sales targets and, allied to a similar disappointment from Google-owner Alphabet, they sent a shockwave through stock markets.

There were no ratings downgrades from the Wall Street analysts who have almost universally backed the companies’ long-term prospects but several said there were signs that both were beginning to face tougher competition from tech peers