India to roll out common customer ID for banks, insurers; mutual funds to follow, sources say

Starting in August, a collaborative customer identification initiative will be rolled out by Indian banks and insurers, featuring a system designed to simplify the financial product engagement process. Asset managers are expected to come onboard later this year with the Central Know-Your-Customer 2.0 framework, where customers only need to authorize data access, fostering greater engagement with financial offerings throughout the country.