Saturday, 13 August 2016

Centralised KYC for banking and insurance services

The Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDA) have asked banks and insurance companies to upload KYC documents relating to new accounts to a central server from July 15th. After that, completing the KYC with one bank will be good enough for opening new account with an account with any other bank, mutual fund, insurance company or any other financial institutions.
Market watchdog SEBI is also collaborating in the program. This will facilitate mutual funds, brokerage and depository participants to offer services without asking customers to provide multiple KYC documents.

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