New Delhi: Union finance minister Nirmala Sitharaman on Tuesday said work is in progress for executing a typical Know Your Customer (KYC) which can be utilized for doing various financial transactions across foundations.
Talking at the FICCI Leads 2022 conference on Tuesday, Sitharaman said there is a central repository that deals with central KYC. The government is working so that once a customer has given his/her KYC, it tends to be material at various institutions at various times for various necessities. The customer might not need to complete a KYC check at each time on the off chance that the businesses are marginally unique.
The minister added that the government and the controllers are attempting to unite everything and get the simplicity of carrying on with work. Last week, the finance minister and financial sector controllers examined the issue of a typical KYC process for banking, insurance, and capital business sectors.
At the point when presented, a typical KYC will diminish paperwork for various administrations like opening a bank account, making new investments for opening Demat accounts, and so on.
The finance minister likewise said the worth of unique payments interface (UPI) transactions got ₹10.62 lakh crore in July through 6.28 billion transactions. In the last financial, more than 46 billion transactions were handled adding up to over ₹84.17 lakh crores.
The minister said the UPI’s own objective is a billion transactions each day in the next five years.