Financial transactions, whether opening a bank account, investing in a mutual fund or even application for a personal loan, requires the investor or borrower to go through a tight Know Your Customer (KYC) procedure. And the process take anywhere between two-30 days to be completed.
Things have just got simpler. With the Unique Identification Authority of India (UIDAI) allowing authorised entities to access its database, things have become simpler investors, policyholders and borrowers who wish to transact by using their Aadhaar card.
Motilal Oswal has recently launched the completely paperless, e-Know Your Customer (KYC) instant trading and demat account facility. The first brokerage to do so in India. Customers who have an Aadhaar card can now open a trading and demat account completely online without any physical documentation in 15 minutes and start investing immediately.
