India Post Partners with SBI Mutual Fund to Streamline KYC

To simplify and expand mutual fund investments across India, particularly in remote regions, the Department of Posts (DoP) and SBI Funds Management Limited (SBIFM) have partnered to offer door-to-door KYC verification services. This collaboration ensures secure, accurate, and convenient onboarding of mutual fund investors, leveraging India Post’s vast postal network.

Why in the News?

India Post has signed a Memorandum of Understanding (MoU) with SBI Mutual Fund to offer doorstep KYC verification services across India, especially targeting rural and underserved regions. This initiative promotes financial inclusion under the Jan Nivesh and Digital India programs.

MoU Signing & Stakeholders

MoU signed between,

• Ms. Manisha Bansal Badal (GM, Business Development, DoP)
• Sh. Munish Sabharwal (SVP, SBI Funds Management Ltd.)
• Signing held at Dak Bhawan, New Delhi

Role of India Post

• Uses its 1.64 lakh+ post office network
• Provides doorstep collection of KYC documents
• Trained staff ensures accuracy, privacy, and compliance
• Targets areas with limited access to financial services

Benefits to Investors

Especially helpful for,

• Senior citizens
• Persons with mobility issues
• Residents in remote or rural areas
• Enables KYC completion from home
• Reduces need for visiting physical branches

Wider Government Objectives

• Supports Jan Nivesh and Digital India goals
• Aims to increase capital market participation
• Enhances financial literacy and onboarding

Past Success of India Post

• Collaborated earlier with UTI Mutual Fund and SUUTI
• Handled over 5 lakh KYC verifications efficiently
• Demonstrated ability to manage large-scale KYC operations

Future Scope

• India Post plans more partnerships with public/private financial firms
• Aims to become a major driver of investment facilitation, especially in semi-urban and rural India