The KYC process will be simplified by adopting a risk-based approach rather than a one-size-fits-all approach, Finance Minister Nirmala Sitharaman announced during her Union Budget 2023-24 speech.

Starting June 2025, the KYC process for PF accounts is simplified. Under the new self-certification rule, employees can independently verify their KYC documents, eliminating the need for HR approval.

Alex Ross is cofounder & COO at Hire Horatio CX. Horatio CX manages the CX & other customer needs for today's fastest-growing brands. Our world is becoming more digital by the day. The field of ...