Online bank account, instant loans face hurdle2 min read 08 Dec 2018, 08:00 AM IST
After the SC barred private entities to use eKYC, all online account opening processes have come to a sudden halt pushing financial institution back by 7-8 years to the analogue rigmarole of time-consuming processes
Till a couple of months ago a customer could open a savings account with a bank in less than 3 minutes from anywhere which earlier took at least a week and multiple visits to a bank branch. Similarly getting quick loans through apps seemed seamless. However, instant account opening and instant loans hit a roadblock in 2018 which has a direct impact on the consumers.
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