Page 2 - Kyc Process News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The Union Finance Minister, Nirmala Sitharaman, chaired the 28th meeting of the Financial Stability and Development Council (FSDC), focusing on implementing council decisions and Union Budget announcements. Key discussions included prescribing uniform KYC norms, inter-usability of KYC records, simplification and digitalisation of KYC processes, promoting fund-raising by social enterprises, and addressing unauthorised lending through online apps.

Industry insiders and startup founders pointed out that the KYC (know your customer) issues around Paytm Payments Bank might not be unique to one company; many startups end up taking shortcuts to onboard customers quickly. And once a company grows in size, managing risk and compliance becomes a big challenge.

Frequent security checks, memorising PIN codes, and automatic session logouts aggravate the inconvenience for senior citizens, more than other groups.

The accreditation agencies can now also access applicants' KYC documents that are available with them or from the database of other KRAs. The regulator has also extended the validity period of the certification

Industry executives said the decision to scrap the paper-based KYC and go digital for mobile user enrollments would cut telcos customer acquisition costs and also help the government check SIM fraud.