KYC rules to change: Uniform KYC for all — opening bank account to buying insurance to investing in stocks, mutual funds

Be it opening a bank account, investing in a mutual fund or buying a life insurance policy, submitting your know-your-customer (KYC) details is a must. Just submitting it is not enough, you may also need to update your KYC documents multiple times in some cases. It can be a hassle for many individuals to repeat the KYC process multiple times. To reduce the paperwork, time and cost of this process, the Financial Stability and Development Council (FSDC) has proposed to implement a uniform KYC syst .. 

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