Can Blockchain for Banking Simplify KYC in 2025?
Blockchain for banking in India could revolutionize processes like KYC, account opening, and loyalty rewards.
A tamper-proof blockchain-based KYC registry would eliminate repetitive re-KYC, allowing verified data access for banks, reducing fraud and delays.
SEBI’s 2021 mandate for NSDL and CDSL to use blockchain for bond records highlights its cybersecurity benefits.
RBI’s digital rupee launch in 2022 shows macro-level adoption.
Blockchain could simplify loyalty programs with non-expiring tokenized rewards, addressing the 70% of Indian credit card users missing benefits, per SaveSage.
Transparent, timestamped transactions aid regulators, cutting compliance queries.
Blockchain integrates with existing systems, enhancing agility and cost-effectiveness without overhauls, promising a more efficient financial ecosystem.
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