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The MyKYCBank set up by GJEPC more than a year ago has details about a company’s incorporation, its tax or legal identity like Pan card, GST certificate, bank account details, details of directors, proprietors, partners or ultimate beneficiary owners supported by Pan, Aadhaar card or passport, among others. It also culls news appearing about its members on a daily basis giving banks more teeth to disburse, withhold or withdraw credit to existing or prospective customers.
“MyKYCBank is like the Aadhaar card for our industry and gives banks all the information about identity of the company and the person they are funding,” said Colin Shah, vice-chairman, GJEPC. Shah expects banks to commence using the online databank, which is free for them and “updated constantly”, in the “next quarter or so”.
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