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Icici bank customer identification data updating form

Almost all the insurance giants across the nation are in the process of updating their systems to e-KYC.

Compared to other developed countries, the complexity for banks (here) is the wide variety of acceptable documentary evidence, which may or may not be verified electronically.

Hopefully, Aadhaar will help banks overcome this,” he said.

“In India, the lack of a unique national identifier is a key issue in implementing KYC rules.

Dealing with multiple sets of documents, often issued by various authorities, poses significant challenges in terms of authentication and internal controls set up by banks,” said Shashwat Sharma, partner (management consulting), KPMG in India.

Yet, time to time, banks are penalised by the regulator for violating KYC instructions.

On December 17, the Reserve Bank of India (RBI) imposed monetary penalties on ICICI Bank and Bank of Baroda for non-adherence to certain aspects of KYC norms, which allowed fraudsters to open fictitious accounts in the name of a reputed statutory organisation and use those for illegal transactions.

The bank will only print out the account opening form with all the details of the customers already in it.

Before HDFC, Axis bank had launched e-KYC using Visa’s connectivity along with the UIDAI.

Apart from that, the procedure is entirely paperless and it also takes the least turn around time for the insurance companies and the banks, which eventually makes the service better.

With time, as e-KYC becomes compulsory everywhere in the banking and the insurance scenario all forms will be in the electronic form and their will be absolutely no physical documents.

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