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Economy News

News on Indian Economy and Sectors, which have impacts in the market.

Department of Posts and AMFI sign MoU for KYC verification of mutual fund investors

18-Jul-25 12:03Hrs IST

The Department of Posts (DoP), under the Ministry of Communications, Government of India, and the Association of Mutual Funds in India (AMFI) have hit a historic milestone by signing a pathbreaking Memorandum of Understanding (MoU) on July 17, 2025, in Mumbai to streamline KYC (Know Your Customer) verification for approximately 24.13 crore mutual fund folios, including 19.04 crore in Equity, Hybrid, and Solution-Oriented Schemes, as per AMFI data for June 30, 2025.

With an impressive year-over-year investor addition trend of approximately 4 million new investors in FY23, 6.9 million in FY24, and 9.7 million in FY25, this landmark agreement will benefit all Asset Management Companies (AMCs) under AMFI by ensuring seamless KYC compliance for their vast and growing investor base, enhancing operational efficiency and financial inclusion across India.

Under this agreement, DoP will provide KYC verification and document collection services through its extensive network of over 1.64 lakh post offices, ensuring efficient compliance for mutual fund investors. AMFI, representing India’s mutual fund industry, will facilitate this initiative on behalf of its member AMCs to achieve “KYC Validated” status for investors in the records of KYC Registration Agencies (KRAs). This partnership will cover the KYC verification needs of the rapidly growing investor base, ensuring an estimated 9.7 million new investors annually are seamlessly onboarded.

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