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Birla Sunlife mutual fund launches 100% paperless eKYC

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Birla Sunlife Mutual funds officially launched 100 % paperless Aadar based EKYC facility this is the first of its kind from the company.

Birla Sun Life Mutual Fund

Paperless Aadar Based EKYC:

  • That allows the First time investors can now complete their eKYC formality by their Aadar number using One Time Password method of recording investors data from Aadar Data that procured by Unique Identification Authority of India.
  • This makes seamless to the first time investors considerably reduces time of process.
  • Retail interest in Mutual funds and Contribution from beyond top 15 cities on forward that requires next generation customer service.

EKYC:                              

  • UIDAI has developed EKYC (Electronic Know Your Customer) service that allows Aadar Card holder to empower UIDAI to issue his / her personal details to any service providers across the country to the instant benefit of the service E.g. Mobile Connection.
  • The authorization to release the personal details can either be done in person through Biometric or One Time Password Authentication process.
  • Regulation dictates users that with Aadar Based eKYC using the OTP liable to invest up to Rs. 50,000 per annum per fund house, beyond this limit it has to be done through Enhanced KYC verification.

Unique Identification Authority of India:

  • Inception: 2009
  • Headquarters: New Delhi
  •  Chairman: Nandan Nilekani