New Delhi, July 28 -- Digital KYC or know your customer is changing the landscape of personal loan processing in a fast-paced banking environment. KYC is paramount for compliance, and remote authentication which are all needed for onboarding customers faster. This article will outline its objectives, functions, benefits, and status of requirement.

KYC is a legal mechanism for verifying a borrower's identity and address. It helps lenders establish the capacity to repay while also aiding in the prevention of fraud, money laundering, and identity theft.

KYC verification is mandatory for all personal loans in India under RBI and AML (Anti-Money Laundering) mandate. No funds can be released without providing KYC approval. It's not an optiona...