The introduction of a uniform Know Your Customer (KYC) system by the Financial Stability and Development Council (FSDC) aims to streamline processes for citizens and financial institutions alike. KYC verification, essential for accessing various financial services, often involves repetitive paperwork and time-consuming procedures. With a centralized KYC system, customers will no longer need to repeatedly submit documents when engaging with multiple financial entities such as banks, insurance companies, and investment firms. This initiative not only reduces the burden on customers but also cuts costs for institutions by eliminating redundant registrations and data maintenance tasks.
Uniform KYC: How system will help citizens, financial institutions
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