 "Tipping Point: What is ordinary KYC?")
What is ordinary KYC?
When you open an account with a bank, the KYC (Know Your Customer) done by the bank resides with it. If you wish to open an account with three banks, you need to submit KYC-related documents three times. In case of market-linked products, the Securities and Exchange Board of India has said that a single KYC can be used by others. So, the next intermediary just takes your PAN card and date of birth, and validates those. Your account gets opened immediately.
How does centralised KYC help customers?
Centralised KYC (cKYC) makes it
When you open an account with a bank, the KYC (Know Your Customer) done by the bank resides with it. If you wish to open an account with three banks, you need to submit KYC-related documents three times. In case of market-linked products, the Securities and Exchange Board of India has said that a single KYC can be used by others. So, the next intermediary just takes your PAN card and date of birth, and validates those. Your account gets opened immediately.
How does centralised KYC help customers?
Centralised KYC (cKYC) makes it
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