Does Know Your Customer (KYC) plays an important role for me? 🕵‍♂️ 🕵‍♀️

Does Know Your Customer (KYC) plays an important role for me? 🕵‍♂️ 🕵‍♀️

KYC is a process of due diligence wherein the applicant for financial services is identified and verified by the financial institutions using officially valid documents such as National Security Cards, other Govt. IDs.

KYC is an important, mandatory process that helps in managing the risk of impersonation and fraud using wrong identity documentation for availing financial services such as Banking a/c, Securities a/c, Insurance Policies, Loans, etc.

Why India’s regulatory framework is robust to help every Indian towards safe financial services?

– Strong institutions and regulatory regimes such as RBI, SEBI, IRDAI
– Strong regulatory framework such as Master Directions on KYC
– Globally renowned and tech-enabled officially valid documents
– Strong and world’s best identity management system such as #aadharcard. The penetration of citizens with Aadhaar is almost 90%
– Process of digital KYC including e-KYC, XML-based KYC, OTP Based KYC, Video-based KYC
– Robust and best tech-enabled banking, financial services, and payments systems such as IMPS, UPI, ATM, Card network
– A strong and vigilant enforcement framework under PMLA 2002, UAPA, RBI Act, and Banking Regulations Act.

Do you agree that India is nicely poised for being a #developed #country by the year 2047 when we will celebrate the 100th year of our colonial past?