DoP Signs MoU with AMFI to Streamline KYC Verification of Mutual Fund Investors.
MOUs and Agreement
On 17 July 2025, the Department of Posts (DoP), under the Ministry of Communications, inked a Memorandum of Understanding (MoU) with the Association of Mutual Funds in India (AMFI) in Mumbai, aiming to streamline Know Your Customer (KYC) processes for over 24 crore mutual fund folios via India’s postal network.
- The MoU was signed in Mumbai by Manisha Bansal Badal, General Manager (Business Development), DoP, and V. N. Chalasani, Chief Executive of AMFI, marking a historic partnership between a public infrastructure network and the mutual fund industry.
- This agreement will utilize over 1.64 lakh post offices nationwide to support KYC operations for approximately 24.13 crore mutual fund folios—including 19.04 crore under equity, hybrid, and solution-oriented schemes.
- With rapid industry growth—adding 4 million investors in FY23, 6.9 million in FY24, and 9.7 million in FY25—the initiative aims to simplify KYC compliance for both new and legacy investors, particularly in underserved areas.
Main Point :- (i) Trained India Post staff will assist mutual fund investors by helping fill KYC (Know Your Customer) forms, verifying and attesting documents, and forwarding them to Asset Management Companies (AMCs). AMFI (Association of Mutual Funds in India) will coordinate with KYC Registration Agencies (KRAs) to complete the verification process.
(ii) This MoU reinforces the government’s commitment to broaden financial inclusion, especially in semi-urban and rural India, by leveraging the extensive postal reach to bridge compliance gaps and boost investor confidence.
(iii) The one-year agreement—valid from July 2025 and renewable—includes strict provisions for SEBI compliance, data confidentiality, and secure handling of customer documents, positioning it as a scalable model for future public–private financial services collaborations.
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