KYC compliance: Time consuming, repetitive but critical for your safety

Update your documents regularly so that you are able to fulfil KYC demands seamlessly

The Reserve Bank of India’s (RBI’s) recent clampdown on Paytm Payments Bank has put KYC (Know Your Customer) procedures in the spotlight. If you find these procedures time-consuming and repetitive, and are irritated by demands from various financial institutions to complete these procedures repeatedly, this explainer will help you realise why it is better to fulfil these compliance requirements on time.

   
 

Why are multiple KYCs needed?
 

The biggest pain point of customers vis-a-vis KYC is the non-fungibility of KYC data within and across sectors, necessitating repeated KYCs at various financial institutions.
 

KYC procedures operate more seamlessly in the capital