In its recent meetings, FSDC, chaired by Finance Minister Nirmala Sitharaman, proposed to bring uniform KYC to verify customers, ease inter-usability of KYC records across the financial sector, and simplify the digitalisation of the KYC process. What is uniform KYC? How will uniform KYC ease the process of onboarding? What is going to change for customers? ET Wealth Online explains.
India Business News: Submitting Know Your Customer (KYC) details has become an integral part of various financial transactions, from opening a bank account, investing in a mutual fund, or buying life insurance. Sometimes, you have to update these details repeatedly, which can be cumbersome.