India Proposes Central KYC Registry

At the beginning of July, India launched its Digital India campaign which aimed to empower lakhs in India’s remotest corners as well as to boost economic growth. Now, the Financial Express reports that India has proposed a central Know Your Customer (KYC) registry. The registry will collect data from PAN, Aadhaar, passport and driver’s licenses as well as other sources in order to easily establish identities and addresses.

By linking the proposed central KYC registry to Digital India, the Centre will aid the poor who typically have a harder time providing documents necessary to obtain KYC information. In turn, a link between the two will make the purchase of financial products easier.

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