You can see the rules and regulations in other jurisdictions.
The UIDAI has eased the process to satisfy know-your-customer (KYC) regulatory norms by launching the electronic KYC (e-KYC) process that allows banks, insurers and other regulated entities to digitally onboard customers. Instead of furnishing a multitude of documents to confirm demographic information, customers can now use their biometric details through Aadhaar to complete the KYC process. The RBI has also recently allowed regulated entities such as banks and NBFCs to undertake customer due diligence through a video-based customer identification process (V-CIP), which has been accorded the same recognition as face-to-face customer identification, for the purpose of onboarding new customers. Additionally, the UIDAI has recently introduced methods of offline verification of Aadhaar identity, which can also be undertaken to complete the KYC process for any individual. These methods are QR code verification, Aadhaar paperless offline e-KYC verification, e-Aadhaar verification and offline paper-based verification.1
Financial service providers previously preferred using the e-KYC process historically permitted only for banks as a foundational KYC, allowing customers to open accounts with them through second-factor authentication over the phone using a one-off password. However, recently, the RBI permitted NBFCs, payment system providers and payment system participants to carry out authentication of clients' Aadhaar identities using the e-KYC facility provided by the UIDAI. This process is relatively simpler than the V-CIP process for KYC.1
The SEBI set up the KYC Registration Agency (KRA) to maintain KYC records of investors centrally, where relevant investor information is shared with all registered intermediaries, as required, once an investor has undergone the KYC process with one registered intermediary. However, in-person verification is required through video. Further, broadening the scope from solely intermediaries, the government has placed the Central Registry of Securitisation Asset Reconstruction and Security Interest of India in charge of the Central KYC Record Registry that caters for data sharing between reporting entities of all major financial regulators, and has eased the process of financial transactions, in a similar manner to the KRA.1
You can launch your platform by paying $5000 initially and the rest after 6-12 months if your business grows