Friday, September 30, 2022

Common KYC: Finance Minister’s big announcement for bank customers, this good news will be available in the Next Year

The government and the Reserve Bank of India (RBI) are developing new schemes for banks and other financial institutions and customers. These steps taken by the government make it easier for customers. The government is currently working on another plan that will provide relief to bank customers and customers of financial institutions in the near future. Finance Minister Nirmala Sitharaman stated that efforts are underway to implement a standardized ‘Know Your Customer (KYC) scheme to facilitate transactions between financial institutions.

Once submitted, KYC can be used multiple times.
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Its work is expected to be finished in the coming year. Nirmala Sitharaman stated at the FICCI Leeds conference that continuous efforts are being made to implement the system of using the same KYC for transactions across various financial institutions. He stated that there is a central collector in charge of the central KYC. We are now working to ensure that once a customer’s KYC has been submitted, it can be used multiple times for transactions across multiple financial institutions.

You will not have to provide separate KYC for each transaction after the implementation of this system; you will not have to provide your KYC for each transaction in different institutions. The Finance Minister stated that efforts are being made to bring the government and financial sector regulators together on a single platform, which will assist in increasing the ease of doing business. The use of uniform KYC in banking, insurance, and capital markets was discussed last week at a meeting of financial regulators and the finance minister.

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Common KYC, which aims to increase UPI transactions to one billion, will eliminate the need for the average person to submit separate documents for various services. According to Nirmala Sitharaman, UPI transactions increased to Rs 10.62 lakh crore in July, with 6.28 billion transactions completed. He stated that the goal is to increase the number of daily UPI transactions to one billion in the next five years.

Read More: SBI’s special programme, which offers 6.10% interest on investments and expires on October 28th, is described here.

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