Birla Sun Life Mutual Fund introduces 100% paperless, Aadhaar-based eKYC

COIMBATORE: Birla Sun Life Asset Management Company (BSLAMC) has announced the launch of a 100% paperless, Aadhaar based eKYC (know your customer) facility.

First-time investors to mutual funds (MFs) can now complete their ‘eKYC’ formality using their Aadhaar number. Using the one time password (OTP)-based method of recording customers consent for using Aadhaar data, this 100% paperless process is completed with data received from UIDAI (Unique Identification Authority of India).

The three-step Aadhaar-based eKYC from Birla Sun Life MF allows user to transact instantaneously, upon completion of eKYC process. “This not only simplifies the process and reduces processing time drastically, but also provides great convenience to new investors across geographies who can now be KYC compliant from the comfort of their locations,” BSLAMC said.

“With eKYC, Aadhaar-based eKYC or our mobile app BSLMF FinGo, we are building a suite of options and utilities for investors to use, and engage with us with greater convenience,” said A Balasubramanian, Chief Executive Officer, BSLAMC.

“All our efforts of putting technological enablers in place go towards serving the investor, simplifying the experience with mutual funds – be it search for information, transacting, or seeking service support,” he stated.

“Retail interest in mutual funds, as well as contribution from B15 (beyond top-15 cities) markets is on the rise,” Balasubramanian said. “Distributors can use our tools to harness this growth from interior pockets across the nation to grow their business, and the industry’s customer base,” he said.
Regulation mandates that users with Aadhaar-based eKYC, using the OTP-based method, can invest up to Rs 50,000 per annum, per fund house. Investors who wish to invest beyond this limit can do so after enhanced eKYC verification.