How much money is used for KYC IN India in one year(including banks, government officials private sector everything)?? | Candider
How much money is used for KYC IN India in one year(including banks, government officials private sector everything)??
7th Feb 2020 11:54 am
The following result is obtained by our Internet Research Algorithm:
The KYC is required to be done from the customer's end, so instead of spending money per customer, annual budget allocation or investment is done mostly for this purpose by financial institutes.
Paytm invested ₹3200 crores for KYC compliance for the next 3 years, and Mobikwik invested ₹400 crores for the same in 5 years.
According to Forbes US institute have to spend at least $100 million annually, so when we calculate it for the Indian market, each financial institution must be spending approximately ₹100 crores annually for KYC compliance.
Exact numbers of spendings are not available.
What is the market for ekyc in india and what will be the market size in upcoming 5 years??