Birla Sun Life Asset Management Company Limited (BSLAMC), a part of Aditya Birla Financial Services Group, and investment manager for Birla Sun Life Mutual Fund (BSLMF), announced the launch of a new 100% paperless, Aadhaar based eKYC facility. First-time investors to mutual funds 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.
The 3-step Aadhaar-based eKYC from Birla Sun Life Mutual Fund allows user to transact instantaneously, upon completion of eKYC process. This not only simplifies the process, 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.
Speaking on this development, A. Balasubramanian, Chief Executive Officer, Birla Sun Life Asset Management Company 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. All our efforts of putting technological enablers in place go towards serving the investor, simplifying his experience with mutual funds - be it his search for information, transacting, or seeking service support."
Elaborating on the benefits of Aadhaar-based eKYC from Birla Sun Life Mutual Fund he added, "Retail interest in Mutual Funds, as well as contribution from B15 markets is on the rise. Distributors can use our KYC Conveniences from BSLMF tools to harness this growth from interior pockets across the nation to grow their business, and the industry's customer base."
Regulation mandates that users with Aadhaar-based eKYC, using the One Time Password (OTP) based method, may invest upto INR 50 Thousand per annum, per fund house. This facility is therefore a simplified and convenient on-boarding platform. Investors who wish to invest beyond this limit can do so post enhanced KYC verification.