Friday , June 14 2024

New rules: Big news on KYC rules related to your bank account, check immediately

Big news related to the common man has come. New KYC rules may come soon. Actually, the meeting of FSDC i.e. Financial Stability and Development Council has ended. Uniform KYC rules, KYC records have been recommended in this meeting. There is a preparation to emphasize on making KYC simple and digital. Let us tell you that the 28th FSDC meeting was held under the chairmanship of Finance Minister Nirmala Sitharaman.

Finance Minister has already given suggestions on KYC-

While presenting the Budget in the year 2023, Finance Minister Nirmala Sitharaman had said that a one-stop solution can be used to authenticate the identity and address of individuals.

The Finance Minister had said that various government agencies, regulators and regulated entities should be provided a one-stop solution for matching and updating of identity and address through DigiLocker service and Aadhaar.

What is KYC? Under this process, customers submit photo copies of all the necessary documents like Aadhar Card, PAN Card, Voter Card, Passport etc. along with the KYC form. All the companies, banks, government schemes and financial institutions collect all the documents so that the person can be identified in case any kind of accident happens in future.

It is important for everyone to get KYC done. In a way, KYC strengthens the relationship between the bank and the customer. Investment is not possible without KYC, opening a bank account is also not easy without it.