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Find out why Digital KYC trumps conventional KYC
When financial entities like banks have gone as far as to issue loans online, or where employers hire candidates based solely on video or telephonic interviews, why must KYC agencies fall behind? To keep up with such times, finance regulatory bodies of India, mainly the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), have laid out regulations for a Digital KYC process to avail of such services.
Digital KYC is essentially an online KYC process for non-KYC compliant individuals looking to complete the KYC process to avail financial services. You can be KYC compliant by filling up an online KYC form or undergoing the Video-based Customer Identification Process (V-CIP), both of which are permitted by the RBI and SEBI.
For Mutual Fund Investments, SEBI has permitted investors to complete their KYC process by filling an online KYC Form. Investors must submit the form at the Fund House or the relevant intermediary. Following are the steps to complete e-KYC authentication.
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Per RBI regulations, the intermediary must capture your live photo and valid official documents. For that, you must have a camera and audio enabled device.
For services like opening digital bank accounts and digital wallets, you can complete the online KYC using your Aadhaar Card.
It is no surprise that digital KYC processes are preferable to conventional physical KYC. Digital KYC allows you to become KYC compliant from the comfort of your home. All you need are your documents and signatures in electronic format, which makes the lives of KYC verifying intermediaries easy.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.
