ICICI Prudential Asset Management Company, India's largest AMC, has launched a biometric Know Your Customer (KYC) service across its branches.The company has said that with Biometric KYC, a distributor should be able to facilitate transactions for the investor immediately after fingerprint authentication. An advisor need not stock or run around looking for application forms and multiple signatures of the investor.The transaction time and cost will be marginal, thereby increasing advisor productivity, said ICICI. Meanwhile, the feature will also soon be available on the IPRUTOUCH mobile app.It isn't yet clear if the biometric authentication will link to the country's biometrics-backed Aadhaar unique ID database.Last week, the chairman of India's telecoms regulator said that use of digital identities, biometrics and the country's Aadhaar ID number can cut new account activation costs to zero. TRAI chairman R S Sharma told the Business Standard that if electronic KYC for SIMs were conducted via Aadhaar then transaction costs are reduced substantially.
Indian asset firm launches biometric KYC service
