India Post Partners with Nippon India Mutual Fund to Enhance KYC Verification Services

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New Delhi: In a significant move to facilitate the Mutual Fund industry’s customer onboarding process, Department of Posts (DoP) has signed a Memorandum of Understanding (MoU) with Nippon India Mutual Fund to provide door-to-door KYC verification services for their investors. This partnership aims to streamline the KYC process, ensuring convenience, security, and compliance for investors across India.

The MoU (Memorandum of Understanding) was signed between Ms. Manisha Bansal Badal, General Manager, Business Development Directorate, Department of Post, and Mr. Sundeep Sikka Executive Director & Chief Executive Officer Nippon Life India Asset Management Ltd.

India Post’s unparalleled reach, with a presence in even the remotest corners of the country, sets it apart as an ideal partner for mutual fund companies seeking to expand their investor base. After successfully handling more than 5 lakh KYC verifications for UTI and SUUTI in a short period, India Post has proven its capability to manage large-scale operations efficiently and securely.

The door-to-door KYC service will offer investors the convenience of completing the process from home, a crucial benefit for the investors especially the elderly. This partnership aligns with the Government of India’s emphasis on Jan Nivesh, the initiative aimed at promoting financial inclusion for the common masses.

By offering door-to-door KYC services, India Post is providing easy access to financial products for individuals who may otherwise face barriers due to mobility issues or lack of access to financial institutions. This initiative ensures that a broader segment of the population, including those in rural and underserved areas, can participate in the growing mutual fund market, thus empowering them to make informed investment decisions and secure their financial future.

This collaboration marks a key milestone in India Post’s commitment to financial inclusion and economic development. With its trusted network, India Post aims to continue forging new partnerships and expanding its presence in the financial services sector.