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Super-money: Why everyone wants to be everything in Finance
Capitalmind Podcast
Challenges Faced by NRIs in India's Banking Sector and Remittance Scene
NRIs encounter challenges in India's banking sector and remittance processes due to stringent KYC requirements that differ for NRIs, making the process cumbersome as physical documents need to be sent and notarized. Despite India being the largest receiver of remittances globally, there is a lack of streamlined processes in banks to simplify the KYC procedures for NRIs. The compliance requirements by banks lead to unnecessary complexities, hindering the smooth flow of remittance activities for NRIs. The absence of a unified KYC system across banks adds to the problem, deterring NRIs from investing in their own country due to the cumbersome banking procedures.
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