Key Points
The talk is that since KYC compliance is done by one financial entity, you do not need to go through it time and again..
Just provide your bank account and you are good to go..
But if we look at what has happened in the mutual fund, this is the only category of retail financial product, retail savings and investment product for Indian citizens where you have a large number of happy customers...
This could be another game changer because Rs 250 SIP and when I look at it, and that if you have a bank account, then you do not need to do your KYC..
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Banks to bring in extra KYC verification layers
04, Mar, 24Banks are enhancing their KYC standards by adding extra verification layers to identify accounts and account holders. The plan includes updating existing accounts, especially those with a single phone number linked to multiple or joint accounts, and seeking more verification from individuals with multiple accounts opened using different documents. A committee led by finance secretary TV Somanathan is working to standardise and ensure interoperable KYC norms across the financial sector. The move aims to address concerns about slackened KYC norms by fintech companies, which may increase risks for lenders.
Retail investor puzzled by mkt volatility? SIP flows slow down but stay above Rs 13K cr in Feb
15, Mar, 23“Though markets remain volatile, retail investors seem to be more attracted towards mutual funds..Valuations in small caps have reached an attractive level and the same has been reflected in a better inflow of Rs 2,246 crores in the segment,” Kumar, head of investment advisory at Geojit Financial said.