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To simplify the process, the Financial Stability and Development Council (FSDC) has suggested a standardised implementation of a one-time KYC procedure applicable across all financial services.
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.