Maharashtra makes e-KYC compulsory for Ladki Bahin scheme beneficiaries

The Maharashtra government on Thursday made e-KYC, or the Electronic Know Your Customer verification process, mandatory for beneficiaries of the Mukhya Mantri Majhi Ladki Bahin scheme in the state.

The scheme, launched in June 2024, provides a monthly transfer of Rs 1,500 to women aged 21 to 65 whose families earn less than Rs 2.5 lakh a year.

KYC, or Know Your Customer, is a regulatory process that financial institutions use to verify the identity of their customers before allowing access to services like opening bank accounts, investing, or using digital wallets. Customers have to submit documents such as Aadhaar, PAN card, photograph and biometric data.