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ICICI Prudential MF launches India’s first completely paperless bio-metric KYC

ICICI Prudential Asset Management Company, India’s largest AMC launches a first of its kind completely paperless biometric Know Your Customer (KYC) across its major centres.

April 11, 2016 5:00 IST | India Infoline News Service
ICICI Prudential Asset Management Company, India’s largest AMC launches a first of its kind completely paperless biometric Know Your Customer (KYC) across its major centres. Through this facility, one can complete the KYC process with a fingerprint scan and make transactions of any amount instantly. Currently, this feature is available at the key centres of ICICI Prudential AMC and will be rolled out pan India shortly.

This feature will also soon be available on IPRUTOUCH, the distributor mobile application for empowering distributors and independent financial advisors to on board customers instantly. Today a big challenge for distributors is to fulfil KYC compliance documentation and carry the application to the nearest Asset Management Company (AMC) office or the investor service centre to log it in.

With Biometric KYC a distributor should also be able to facilitate transactions for the investor immediately after the fingerprint authentication. An advisor need not stock or run around looking for application forms and multiple signatures of the investor. The transaction time and cost will be marginal, thereby increasing advisor productivity.

Speaking on the occasion, Nimesh Shah, MD and CEO, ICICI Prudential Asset Management Company said, “As technology is changing the world and our lives in a profound manner, this facility can empower distributors to help investors invest in mutual funds by simply using a fingerprint. This is yet another step to fulfil our objective of streamlining the key processes and minimizing of paper work while on boarding investors. “

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Nothing contained in this communication shall be construed to be an investment advice or an assurance of the benefits of investing in the any of the Schemes of the Fund. Recipient alone shall be fully responsible for any decision taken on the basis of this document.

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