The Central Government is keen to introduce common Know your Customer (KYC) norms to simplify the proceedings and to make them more effective and relevant. KYC Policy is mandatory to be followed in the matters related Finance like opening a bank account, a trading/demat account, mutual fund investments and insurance policies.
KYC norms hold much significance as they are very effective to keep a check on money laundering cases finds being used to finance terrorist activities.
The Secretary to Department of Economic Affairs, Mr. R Gopalan said “We will see if a few changes can be made here and there to have a consistent KYC for all.”
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