Issues with the existing KYC procedure will be resolved with advent of 5G technology, said AMFI CEO.
The Rs.41 lakh crore MF industry is heading towards setting up a robust KYC mechanism that will simplify the existing KYC procedure.
In fact, the MF industry will facilitate KYC modification completely online with advent of 5G technology, said NS Venkatesh, CEO, AMFI. He was speaking at the Independent Consultants & Advisor Association (ICAA).
He said the MF industry and RTAs have been working to make KYC modification process completely online. While the industry currently facilitates online KYC at the time of onboarding, modification of KYC still happens through physical route.
Further, Venkatesh said that AMFI has consulted PwC to understand how they can increase the scope of AMFI to match with the global best practices.
Highlighting the opportunities in the MF industry, Venkatesh said India has over 40 crore PAN card holders and over 8 crore people have filed income tax returns. Currently, the MF industry has 4 crore investors which indicates that the industry has a long way to go, said AMFI CEO.
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