Know Your Customer: Now you will get relief from the hassle of KYC again and again, Finance Minister Nirmala Sitharaman announced this

Photo:PTI Nirmala Sitharaman

Know Your Customer: For banking insurance and other financial work, you must have also filed your KYC ie Know Customer Form at some point of time. But if it had been about submitting KYC only once, then the matter would have been different. But different KYC for each place can get you confused. But now soon you can get relief from this.

Finance Minister Nirmala Sitharaman on Tuesday said that work is underway to implement a uniform ‘Know Your Customer’ (KYC) scheme to ease transactions between various financial institutions. Addressing the FICCI Leeds conference here, Sitharaman said that efforts are on to implement the same KYC mechanism for transactions across various financial institutions.

Single KYC will work everywhere

The Finance Minister said, “There is a central collector who takes care of the central KYC. Now we are working towards that once the KYC has been submitted by the customer, it can be used multiple times for transactions across various financial institutions. You don’t have to give your KYC every time you transact in different institutions.

Emphasis on Ease of Doing Business

The Finance Minister said that the government and the regulators related to the financial sector are making efforts to bring everyone on a single platform, which will help in increasing the ease of doing business. The issue of using uniform KYC in banking, insurance and capital markets was discussed in the meeting of financial regulators and finance minister last week. Having shared KYC will eliminate the need for common man to submit separate papers for different services.

6.28 billion transactions through UPI

Sitharaman said that transactions through UPI increased to Rs 10.62 lakh crore in July while 6.28 billion transactions were done. The intention is to increase the number of daily UPI transactions to one billion in the next five years, he said.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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