India Post, SBI Mutual Fund Partner for Doorstep KYC Services

02 May 2025 CW Team

The MoU was signed by Ms. Manisha Bansal Badal, General Manager, Business Development Directorate, Department of Posts, and Mr. Munish Sabharwal, Senior Vice President, SBI Funds Management Limited, during a ceremony held at Dak Bhawan, New Delhi.

With a nationwide presence of over 1.64 lakh post offices, India Post is uniquely positioned to extend financial services to even the most remote parts of the country. This partnership aims to bridge the accessibility gap by ensuring that investors—especially in rural and underserved regions—can complete mandatory KYC formalities conveniently and securely.

Under the partnership, trained personnel from India Post will visit investors’ residences to collect KYC documents and application forms. This approach not only enhances compliance and security but also addresses challenges faced by senior citizens, individuals with limited mobility, and those in areas lacking access to traditional financial institutions.

The collaboration directly supports the Jan Nivesh initiative, which aims to boost participation in India’s capital markets, and aligns with the broader goals of the Digital India mission. By offering KYC services at the doorstep, the initiative seeks to demystify investment processes and increase awareness about financial compliance among the general public.

India Post has previously demonstrated its capability in managing large-scale KYC operations through successful partnerships with UTI Mutual Fund and SUUTI. In these engagements, the department completed over 500,000 KYC verifications, highlighting its operational efficiency and trustworthiness.

This new collaboration with SBIFM underscores India Post’s growing role as an enabler of digital onboarding and investment participation. The department is actively pursuing additional partnerships with public and private sector financial institutions to expand its role in financial literacy and service delivery.

With a strong infrastructure, credible workforce, and wide-reaching network, India Post is well-positioned to support India’s vision of inclusive, tech-enabled financial services for all.

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In a significant step towards simplifying mutual fund onboarding and promoting financial inclusion, the Department of Posts (DoP) has partnered with SBI Funds Management Limited (SBIFM), one of India’s leading asset management companies. A Memorandum of Understanding (MoU) signed between the two entities enables India Post to provide doorstep Know Your Customer (KYC) verification services for investors of SBI Mutual Fund.The MoU was signed by Ms. Manisha Bansal Badal, General Manager, Business Development Directorate, Department of Posts, and Mr. Munish Sabharwal, Senior Vice President, SBI Funds Management Limited, during a ceremony held at Dak Bhawan, New Delhi.With a nationwide presence of over 1.64 lakh post offices, India Post is uniquely positioned to extend financial services to even the most remote parts of the country. This partnership aims to bridge the accessibility gap by ensuring that investors—especially in rural and underserved regions—can complete mandatory KYC formalities conveniently and securely.Under the partnership, trained personnel from India Post will visit investors’ residences to collect KYC documents and application forms. This approach not only enhances compliance and security but also addresses challenges faced by senior citizens, individuals with limited mobility, and those in areas lacking access to traditional financial institutions.The collaboration directly supports the Jan Nivesh initiative, which aims to boost participation in India’s capital markets, and aligns with the broader goals of the Digital India mission. By offering KYC services at the doorstep, the initiative seeks to demystify investment processes and increase awareness about financial compliance among the general public.India Post has previously demonstrated its capability in managing large-scale KYC operations through successful partnerships with UTI Mutual Fund and SUUTI. In these engagements, the department completed over 500,000 KYC verifications, highlighting its operational efficiency and trustworthiness.This new collaboration with SBIFM underscores India Post’s growing role as an enabler of digital onboarding and investment participation. The department is actively pursuing additional partnerships with public and private sector financial institutions to expand its role in financial literacy and service delivery.With a strong infrastructure, credible workforce, and wide-reaching network, India Post is well-positioned to support India’s vision of inclusive, tech-enabled financial services for all.

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