December 2016 Current Affairs

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Aadhaar enabled e-KYC can save Rs 10,000 cr over next 5 yrs : Survey

Aadhaar enabled e-KYC can save Rs 10,000 cr over next 5 yrs : Survey
19 March 2016 Current Affairs: Aadhaar enabled e-KYC (Know Your Customer) process could save over Rs 10,000 crore for banks and telecom operators over the next five years, says a survey.According to a recent study by MicroSave, a development consulting firm, using Aadhaar enabled e-KYC process for customer acquisition, could be highly beneficial for banks and telecom operators in India.If e-KYC is adopted for customer on-boarding by banks (for savings bank account opened through branches and alternate channels) and by MNOs (for pre-paid mobility), an estimated Rs 10,000 crore can be saved over the next five years (by 2021).The study further said that apart from substantial cost savings for banks and financial institutions, Aadhaar enabled e-KYC is significantly more efficient compared to current paper-based KYC.Customer enrolment processes followed by banks also take longer time and it can be two to four weeks before an account is activated. Whereas Aadhaar e-KYC enabled bank accounts can be activated and ready to transact in a few minutes.Given that e-KYC provides near instant verification of customers' identity and their address, substantial cost reduction can be achieved through elimination of paper based verification, movement and storage being replaced by digital processes.Further, automation of the KYC verification process leads to a more efficient process that takes less time, thereby offering faster customer on boarding


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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