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KYC is best understood as the doorway to formal banking channels. So improper KYC can open up banking to the risks of money laundering, fraudulent transactions and such. When customers open bank accounts, they need to submit identity documents, PAN cards to be verified by bank officials as a part of the KYC process.
Snap Camera India, the local unit of social networking and messaging platform Snapchat's US-based parent company Snap Inc, has reported a 20% increase in revenue to ₹79 crore for 2022-23, compared to ₹65.7 crore in the previous fiscal.
In a letter to its shareholders, Snap had said it would shift more of its focus during the year to expanding Snapchats user base and investing in markets where it makes the most money, including North America and Europe. However, as per Trivedi, the Evan Spiegel-led company remains bullish on the India market.
The Deepinder Goyal-led company is looking to augment the front-end offerings of Blinkit by having an in-house back-end supply chain where it would source, manage the inventory and enable distribution of brands, multiple people aware of the companys plans told ET.
Snap India: On February 6, the Los Angeles-headquartered Snap reported a revenue of $1.36 billion for the December quarter, missing Wall Street estimates, according to Reuters. The company had also announced laying off 500 people, or 10% of its global workforce