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Your Money: Revised e-KYC can expedite opening of accounts

But a/c has to be regularised in a year; there are also limits on amount

Priya Nair 

The Know Your Customer (KYC) procedure in case of a bank deposit or a loan can be quite cumbersome. It involves submitting copies of documents for proof of identity and residence such as PAN card, utility bill, passport, etc. Even if the bank arranges for the documents to picked up from the customer’s doorstep or allows uploading scanned copies of the documents, the customer has to make one trip to the bank branch to sign the application and complete the process. But, the Reserve Bank of India (RBI)’s revised guideline on e-KYC now allows financial institutions to complete ...

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First Published: Fri, December 16 2016. 00:13 IST
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