You will now need to submit KYC just once

Filling up know your customer (KYC) requirements with one bank will be enough to open an account with any bank, mutual fund or any financial institution

GN Bureau | July 15, 2016


#KYC   #Banking  

In a move that will save a lot of banking hassle for customers, the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) have directed banks and insurance companies to upload KYC documents relating to new accounts to a central server from July 15, reported Economic Times.

Securities and Exchange Board of India (SEBI) is also part of this initiative to facilitate mutual funds, brokerage firms and depository participants to offer services without asking customers to provide multiple KYC undertakings. Central Registry of Securitisation and Asset Reconstruction and Security Interest of India has been authorized by the government to perform the job of a central KYC registry.

A 14-digit KYC identifier will be generated when the KYC records are uploaded in the registry for the first time. The RBI has made it mandatory for banks to upload KYC documents for new accounts from July 15.

Comments

 

Other News

Amitav Ghosh’s new work: Connections between the word and the world

Wild Fictions: Essays By Amitav Ghosh HarperCollins, 496 pages, Rs 799.00 Amitav Ghosh, one of a handful of Ind

How markets can help (and also hinder) fight against pollution

In the annals of environmental policy, few ideas have been as transformative as the Emissions Trading System (ETS). Born from the minds of economists in the late 1960s, this market-based approach to pollution control has evolved from a theoretical concept to a global tool in the fight against climate chang

Will Bihar complement the resolution of Viksit Bharat 2047?

As India completes its diamond jubilee as a republic, I am reminded of a statement by Dr. A.P.J. Abdul Kalam, delivered during an address to the Bihar Chamber of Commerce in Patna on March 28, 2006. He said, “I have visited Bihar numerous times, and it has always been a source of happiness for me to

All you wanted to know about Budget: Key Highlights

Here are the key highlights of the proposal of the Union Budget presented in parliament by finance minister Nirmala Sitharaman on Satuday: NO INCOME TAX ON AVERAGE MONTHLY INCOME OF UPTO RS 1 LAKH; TO BOOST MIDDLE CLASS HOUSEHOLD SAVINGS & CONSUMPTION BENEFITTING

Four engines of development: Agriculture, MSME, investment & exports

Union minister of finance and corporate affairs Nirmala Sitharaman presented the Union Budget 2025-26 in Parliament on Saturday. Here is the summary of her budget speech, Part A: Quoting Telugu poet and playwright Shri Gurajada Appa Rao’s famous saying, ‘A country is not just its

No income tax on annual income up to Rs. 12 lakh

Reaffirming the government’s commitment to the philosophy of “trust first, scrutinize later”, the Union Budget 2025-26 has reposed faith in the middle class and continued the trend of giving relief in tax burden to the common taxpayer. Presenting the Budget in the Parliament on Saturday,

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now



Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter