Ban Paper Based KYC, Introduce Real-Time KYC Verification
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Today KYC is ubiquitous. All financial institutions, courts, registrars demand paper based KYC documents. This should be stopped forthwith.
This not only causes an enormous storage problems but also poses a grave environmental issue (in terms of usage of paper).
For KYC, all a common person needs to provide is the PAN-Number & Aadhaar-Number. The name of the person should then be verified online. If verified then the same number can be stored for records.
The technology exists, the cost is not prohibitive, only the will and direction is missing.
Sincere request to the Honourable Prime Minister & Finance Minister to leave a lasting legacy - ban paper based KYC and introduce real-time KYC verification.
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