Documents stored in the DigiLocker can be used to complete the KYC processWith the aim to ease out the Know Your Customer (KYC) process digitally, the Reserve Bank of India (RBI) has now announced that documents stored in the government-backed DigiLocker mobile application can now be used to complete the process.

The decision of the RBI will help fintech startups, banks, and other agencies to complete the KYC process of their customers without asking for a physical copy of their official documents such as Aadhaar card, Pan Card etc.

The decision can also be seen as a push to the Indian government’s ambitious Digital India programme.

The new remote customer authentication option eliminated the need to physically reach out to customers in remote locations.

Further, to facilitate digital payments in the country, RBI has also announced to allow consumers to give an e-mandate for recurring payments made through Unified Payments Interface (UPI). | To read full story, visit https://startuparound.com/read/1578742206.2169528/RBI-Allows-Fintechs-To-Accept-DigiLocker-Docs-For-KYC?ref=audio_experience