Kotak Mahindra Asset Management Co. Ltd recently announced “video KYC” as a digital solution to continue paperless know your customer (KYC) verification even in the absence of Aadhaar-based authentication.
The Unique Identification Authority of India (UIDAI), through a guideline last month, mandated asset management companies (AMCs), registrar and transfer agents (R&Ts) and online distributors to discontinue Aadhaar-based KYC by 20 October. “This came as a hit because KYC verification using Aadhaar and OTP became popular especially among direct investors and in B towns,” said Jimmy Patel, CEO, Quantum AMC.
