Recommendation 55: Simplify KYC/CDD processes for uses cases like:
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  • Opening a second financial account with the same institution or a sister institution.
  • Opening a wallet account by loading it from a KYC-compliant bank account.
  • Opening a mutual fund account by funding it from a KYC compliant bank account.
  • Purchasing an insurance policy by funding it from a KYC-compliant bank account belonging to the proposer.

Recommendation 61: Enable use of digital documents for KYC. The PMLA rules must be modified to recognise Officially Valid documents that are digitally signed by the issuer as original documents. Issuers of these documents (such as PAN, Passport) must be encouraged to provide these to users.

Recommendation 70: Simplify mobility through NCMC Wallet, with no KYC and a limited use case:

  1. Maximum value in the wallet: ₹2,000
  2. Maximum spending in a month: ₹10,000
  3. May be used only for proximity payments
  4. May be loaded with cash or from a bank account
  5. May be used at merchant locations, into a merchant bank account