The role of digital signatures in the digitisation of loan documentation in India

Abstract

When extending credit (vehicle finance, working capital finance etc.) in India, bulky paperwork is common. However, the use of electronic signatures may change this. Electronic signatures have become an ordinary practice, and the most frequent use of this is by the way of typing a name into an e-mail or the electronic equivalent of the manuscript form of cross – the ‘I accept’ or ‘I agree’ icon, used on websites and software to indicate that the signatory intends to enter into a contract or accepts the terms of a licence.1 Reliance on electronic signature relies on the veracity of the process if it is a product, and the electronic evidence put before a court if it is challenged. This article considers a new electronic signature technique called ‘Aadhaar e-KYC services’.

Index words: India; electronic signature; digital signature; loan documentation